Tata Motors Posts Q3 Net Profit Of Rs 650 Crore (02-Mar-2010)
Tata Motors reported consolidated net profit of Rs. 650.26 crore for Q3 ended December 31, 2009, against a loss of Rs. 2,599 crore in the same period in the previous year.
However, it reported gross revenues of Rs. 26,774 crore (Rs. 18,246.60 crore), a growth of 47%.
Considerably, the Jaguar Land Rover (JLR) business turned profitable during the quarter.
It posted a net profit of Rs. 417 crore or 55 million pound sterling, supported by better market environment and sustained cost reduction efforts.
The wholesale volumes over the previous quarter of July-September 2009 increased 28% with volume improvement in North America, Europe and China.
Meanwhile, Ravi Kant, Vice-Chairman, Tata Motors aid that there was no move to integrate the operations of Tata Motors and JLR.
Land Rover grew 34% aided by strong continued market reception to the 2010 model vehicles launched earlier during the year.
Jaguar volumes grew 11.5% with strong growth from the XF while the production of the X-Type ceased by the end of the quarter.
The consolidated operating margins (EBIDTA) were 11.74%, an improvement of 1496 basis points over the year-ago period.
The consolidated profit before tax for the quarter was Rs. 889.30 crore against a loss of Rs. 2,732.60 crore.
Moreover, the introduction of new products and strong constant growth in existing portfolio, along with government stimulus, a benign liquidity environment and overall economic recovery, have driven Indian operations demand revival during the year.
For the nine months ended December 2009, consolidated gross revenues were up 13.6 per cent at Rs. 65,536.36 crore (Rs. 57,679.7 crore) and the net profit at Rs. 343.26 crore against a loss of Rs. 2,821 crore. The consolidated performance is not comparable to 2008-09 as JLR was acquired in June 2008.
Previously, Tata Motors stated that it appointed Carl-Peter Forster as the new group chief executive of the company.
The 55-year-old Forster will have the overall responsibility of Tata Motors'' operations globally which includes the British marquees Jaguar and Land Rover (JLR).
Meanwhile, Tata Motors'' Nano, which made its debut 2 years ago at the New Delhi Auto Expo, was previewed for the first time in the US market at the Detroit Science Centre.
Tata Technologies had brought the ''Champagne-Gold'' Nano LX, from its Center for Advanced Engineering and Design in Pune, India to Detroit for the event titled ''Better Innovation''.
Moreover, Tata Motors stated that in spite of the rising input prices, all the existing bookings of the Nano will be delivered at the current prices.
The current bookings will be implemented at the existing price while they have a long way to finish the current bookings hence its early to talk about raising the prices of the Nano.
Earlier, due to the strong performance by its British marquees Jaguar and Land Rover (JLR), Tata Motors reported a 62% jump in its total global sales in November.
Tata Motors launched Grande MK II, an upgraded version of its premium Sumo offering in the domestic market with an expectation to sell around 4,000 vehicles a month.
It is priced in the range of Rs. 6.43-7.50-lakh while Grande MK II is cheaper by Rs. 25,000-30,000 than the available version-Grande MK I, which was launched in the beginning of last year.
On the other hand, Tata Motors mobilized Rs 264 crore through the revised fixed deposit scheme which it launched in August 2009 and is authorized to raise Rs 1,300 crore from the revised scheme.
The rate at which the market responded to the revised fixed deposit scheme has tapered when compared to its previous deposit scheme, when the company amassed Rs 2,700 crore in 9 months.
Meanwhile, Tata Motors is reported to have plans to manufacture as many as 25000 Jaguar XJ luxury cars every year where they have plans to build the aluminum body of new Jaguar sedan at the company''s factory at Castle Bromwich, England. The least expensive version of jaguar will start from $72000 which may vary up to $ 115,000.
Moreover, Tata Motors stated that it could launch an electric version of its flagship passenger car Indica in the domestic market along with its European launch, in early 2011.
Tata Motors Ltd has posted a net profit of Rs 4001.40 million for the quarter ended December 31, 2009 as compared to net loss of Rs (2632.60) million for the quarter ended December 31, 2008. Total Income has increased from Rs 48581.30 million for the quarter ended December 31, 2008 to Rs 89801.10 million for the quarter ended December 31, 2009.
Tata Motors Limited is a multinational corporation headquartered in Mumbai, India. Part of the Tata Group, it was formerly known as TELCO (TATA Engineering and Locomotive Company). Tata Motors has consolidated revenue of USD 16 billion after the acquisition of British automotive brands Jaguar and Land Rover in 2008.
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