08:00 pm, Monday 14 Nov 2016

Consolidated Net Revenue grows to Rs.67,000 crores in Q2 FY 2016-17

Consolidated PAT stood at Rs.848 crores in Q2 FY 2016-17

Consolidated Financial Results for the Quarter and Half Year ended September 30, 2016 -As per Ind AS

For the quarter ended September 30, 2016, Tata Motors reported consolidated revenues of Rs.67,000 crores as against Rs.62,647 crores for the corresponding quarter last year. This broadly reflects: –

  • In Jaguar Land Rover business-Strong sales in all the regions- UK, Europe, North America, China and other Overseas markets; and
  • In Standalone business-Demand pause in M&HCV partially offset by continued growth in the domestic LCV segment, Car segment and Exports.

Consolidated Profit before tax (before exceptional item) for the quarter was Rs.983 crores, against Rs.1,191 crores for the corresponding quarter last year broadly due to

  • Higher volumes and favourable operating exchange, in Jaguar Land Rover business more than offset by the realized hedging losses of Rs.3,510 crores, and adverse commodity derivatives impact of Rs.187 crores.

After the exceptional items, the Consolidated Profit before tax for the quarter was Rs.999 crores, against Loss before tax of Rs.2,150 crores for the corresponding quarter last year (corresponding quarter of the last year included an exceptional items of Rs.2,493 crores on account of the vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business).

Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the quarter was Rs.848 crores, against the Consolidated Loss after tax (post profit / loss in respect of joint ventures and associate companies) of Rs.1,740 crores for the corresponding quarter last year.

For the half year ended September 30, 2016, the consolidated revenue was Rs.1,34,056 crores against Rs.1,24,157 crores for the corresponding period last year. The Consolidated Profit before tax (before exceptional item) for the half year ended September 30, 2016 was Rs.3,049 crores against Rs.7,531 crores for the corresponding period last year. Post the exceptional items, the Consolidated Profit before and after tax (post profit / loss in respect of associate companies) for the half year ended September 30, 2016 was Rs.3,551 crores and Rs.3,109 crores, respectively, as against Rs.4,824 crores and Rs.3,514 crores, respectively, for the corresponding period last year.

Tata Motors Standalone Financial Results (including Joint Operations) for the Quarter and Half Year ended September 30, 2016–As per Ind AS

During the quarter, most of the segments of the Company witnessed growth – LCV segment grew by 11.4% Y-o-Y, Passenger vehicles segment grew by 20.5% Y-o-Y with Car segment growth of 26.4% Y-o-Y on the back of continued strong response to the recently launched Tiago, Exports grew by 20.1% Y-o-Y. These were more than offset by de-growth of 16.5% Y-o-Y in the M&HCV segment

The sales (including exports) of commercial and passenger vehicles for the quarter ended September 30, 2016, stood at 134,397 units, representing a growth of 6.1%, as compared to the corresponding quarter last year. The revenues of the Standalone business (including Joint Operations) for the quarter ended September 30, 2016 stood at Rs.11,406 crores, as compared to Rs.11,794 crores for the corresponding quarter last year. Operating profit (EBITDA) of the Standalone business (including Joint Operations) for the quarter stood at Rs.376 crores with EBITDA margin at 3.6% (margin calculated on revenue net of excise duty). Loss before and after tax for the quarter ended September 30, 2016 for the Standalone business (including Joint Operations) was Rs.609 crores and Rs.631 crores, respectively, against Loss before and after tax of Rs.272 crores and Rs.289 crores, respectively, for the corresponding quarter last year.

The revenues of the Standalone business (including Joint Operations) for the half year ended September 30, 2016, stood at Rs.22,871 crores as compared to Rs.22,194 crores in the corresponding period last year. Operating profit (EBITDA) for the half year stood at Rs.1,076 crores with operating margin at 5.2%. Loss before and after tax for half year ended September 30, 2016 was Rs.571 crores and Rs.605 crores, respectively, against the Profit before and after tax of Rs.60 crores and Rs.1 crore, respectively, for the corresponding period last year

Jaguar Land Rover Automotive PLC – (As per IFRS)

Total Retail sales including the China JV in the second quarter were 142,459 units, up 29.3%, primarily reflecting strong sales of the Discovery, Discovery Sport, Evoque, XE and the new F-PACE. Retail sales grew across all key regions with North America up 39%, UK up 28%, China up 49%, Europe up 31% and Overseas markets up 1%. Jaguar Land Rover wholesales and retail excluding the China JV for the quarter were 124,192 units and 128,967 units, up 11.7% and 22.7% respectively year on year. China JV wholesales and retails for the quarter were 15,043 units and 13,492 units, up 169% and 165%, respectively.

Revenues for the quarter ended September 30, 2016 were £5,953 million, compared to £4,831million for the corresponding quarter last year. Operating profit (EBITDA) for the quarter was £615 million, compared to £589 million for the corresponding quarter last year. The operating performance in the quarter reflects higher wholesale volumes and favourable mix, offset by unfavourable FX revaluation of current assets and current liabilities (£58 million) and a one-time provision for new customer quality programmes. Higher realized hedging losses (up about £260 million) offsets favourable operating exchange. The EBTDA margin was 10.3% as reported but would have been about 12.9% excluding the FX revaluation, customer quality programme provision and adjusting revenue for realised FX hedging losses.

Profit before tax (“PBT”) was £280 million for the quarter ended September 30, 2016 compared to a loss before tax of £157 million in the corresponding quarter of last year. The higher PBT primarily reflects the higher EBITDA, favourable unrealised FX and commodity hedge revaluation and the non-recurrence of the £245 million exceptional charge relating to Tianjin in the second quarter of fiscal 2016/17. JLR’s share of its China JV profit in Q2 FY 17 was £33 million (up £34 million).

Profit after Tax (“PAT”) was £244 million for the quarter ended September 30, 2016 compared to a loss after tax of £92 million in the corresponding quarter last year.

Revenues for the half year ended September 30, 2016 stood at £11,414 million, compared to £9,833 million in the corresponding period of last year and operating profit (EBITDA) stood at £1,287 million for the half year, compared to of £1,410 million in the corresponding period of last year. PBT for the half year ended September 30, 2016 was £679 million compared to £481 million in the corresponding period of last year and PAT for the half year stood at £548 million compared to £400 million in the corresponding period of last year

Tata Daewoo Commercial Vehicles Co. Ltd – (As per Korean GAAP)

Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 238 billion (approx. Rs.1,440 crores) and recorded a net profit of KRW 8 billion (approx. Rs.48 crores) in the quarter ended September 30, 2016. Net revenue and net profit for the half year ended September 30, 2016 stood at KRW 505 billion (approx. Rs.3,055 crores) and KRW 21 billion (approx. Rs.127 crores), respectively.

Tata Motors Finance Ltd- (As per I GAAP)

Tata Motors Finance Ltd, the Company’s captive financing subsidiary, on a consolidated basis registered net revenue from operations of Rs.673 crores and reported a Loss after tax of Rs.7 crores for the quarter ended September 30, 2016. Net revenue from operations and Profit after tax for the half year ended September 30, 2016 stood at Rs.1,364 crores and Rs.12 crores, respectively.

The Financial Results for the quarter ended September 30, 2016, are enclosed

Statement of Consolidated Unaudited Financial Results for the Quarter and Six months ended September 30, 2016

Statement of Standalone Audited Financial Results for the Quarter and Six months ended September 30, 2016

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