rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Tata Motors Q2 net up 10.5% to Rs 2,075 cr

Tata Motors Q2 net up 10.5% to Rs 2,075 cr

November 07, 2012 18:41 IST
Tata Motors on Wednesday posted a 10.5 per cent jump in consolidated net profit at Rs 2,075 crore (Rs 20.75 billion) for the second quarter ended September 30.

The Tata Group company's post-tax profit for the corresponding July-September period last year had stood at Rs 1,877 crore (Rs 18.77 billion).

During the reporting period, there was a 19.9 per cent rise in consolidated revenues (net of excise) at Rs 43,403 crore (Rs 434.03 billion), it said in a statement.

However, on a standalone basis which represents its domestic operations, the revenues dipped to Rs 12,481 crore (Rs 124.81 billion) as compared to the year-ago period's Rs 12,954 crore (Rs 129.54 billion), it said.

The company's operating margin also slipped to 5.9 per cent from the 7.2 per cent in the year ago period.

"Weak macro-economic outlook and sluggish industrial demand coupled with diesel price increase, have impacted M&HCV (medium and heavy commercial vehicles) sales," the statement said.

A healthy jump in receipt of dividend from JLR and other subsidiaries (Rs 1,312 crore versus last year's Rs 29 crore) resulted in the standalone profit after tax jumping to Rs 867 crore (Rs 8.67 billion) from Rs 102 crore (Rs 1.02 billion).

Sales of commercial vehicles grew 4.8 per cent to 136,353 units during the quarter while passenger vehicle sales increased 11.6 per cent to 72,603 units, its statement said.

The marquee Jaguar Land Rover, bought by the company a few months before the start of the credit crisis in 2008 for $2.3 billion, witnessed a healthy jump in net profit at 305 million pounds from the year ago period's 172 million pounds.

"Continued strong revenue and operating performance were supported by favourable market mix, exchange rate environment and was partially offset by the model mix," the statement said, adding that the pre-tax profit of 431 million pounds included 67 million pounds in foreign exchange gains on revaluation and hedging.
© Copyright 2014 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.