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Tata Motors posts highest consolidated quarterly profits

Tata Motors reported its highest ever quarterly profit at Rs 2,223 crore for the second quarter against Rs 22 crore for the corresponding period last fiscal.

The company's consolidated revenue went up by 36.5 per cent at Rs 28,782 crore. The company's share price reached new high at Rs 1,270.55 on the BSE on Tuesday in the hope of a record performance. The results were announced post market hours.

The company attributed the performance to increase in sales volume and continuing cost reduction efforts. “The company will continue cost reduction initiatives. Operationally, we will look at every opportunity to curb cost increase,” said Mr Carl-Peter Forster, Managing Director and CEO of Tata Motors.

The Jaguar Land Rover business, which reported Rs 1,715 crore net profit for the three-month period ending September 30 from a loss of Rs 461 crore for the year-ago period, drove the record performance. JLR posted a 22 per cent growth in volume at 54,140 units.


Standalone net dips

The standalone net profit of Tata Motors at Rs 433 crore, fell 41 per cent from Rs 729 crore for the corresponding quarter a year ago. This is because of the Rs 420 crore income from the sale of shares in subsidiary company's Tata Motors received during the second quarter of last year. If this exceptional income is removed, the profit after tax grew by 21 per cent for the just ended quarter.

The net income from the domestic business grew 45 per cent to Rs 12,420 crore as the truck and bus sales grew 23 per cent to 1.11 lakh vehicles and car sales grew 36 per cent to 82,564 units.

About Nano sales which decreased in the recent months and production ramp up, Mr Forster said, “We have to break new grounds with Nano sales. The production will be adjusted to the retail sales.”

For Jaguar Land Rover, the engine supply constraints which slowed its sales still continue. The company is preparing to launch Range Rover Evoque in the summer of 2011. UK continues to be the major market for the JLR with more than 14,000 unit sales for the quarter while China reported highest growth at 72 per cent to 5,801 units. North America too reported 27 per cent growth at more than 12,000 unit sales.

“The better product mix and better market mix drove the JLR volumes. New Jaguar XJ and increase of selling price led to good growth,” said Mr Ramakrishnan, Chief Financial Officer, Tata Motors.


Outlook

“There is a strong growth in demand. However, supply constraints and raw material cost pressures still continue,” said Mr Ramakrishnan.

Another subsidiary Tata Motors Finance's net profit more than doubled to Rs 44 crore while Tata Daewoo net profit declined to Rs 8 crore.

New IIP from Jan; to reflect better picture

The government is likely to come out with a more representative data on industrial production from January next year that would include about 100 new items, while excluding the obsolete ones.

"The December data is expected to come out on January 12, 2011, for which the new series of index of industrial production (IIP) would be released," an official told.

The new series would be more representative and will have more items in the rejigged basket.

Besides, it will take 2004-05 as the base year that will reflect industrial scenario better than the base of 1993-94 used currently.

"The industry ministry is waiting for Planning Commission's opinion. They have some issues that will be sorted out soon. The new series will then be approved by Committee of Secretaries," the official added.

Currently, IIP basket has about 350 items for calculating the monthly factory output figures. The new series would be more representative and would constitute over 500 products, the official said.

It is also expected to do away with obsolete items and add those products which have entered the markets in recent years. The official, however, did not divulge the details of new products and the old ones which will be deleted.

Industrial growth slowed down to 5.6 percent in August from 10.6 percent in the same month of the previous fiscal.

IIP data has been often criticised for not catching up with the times and providing archaic figures, compared to the ones provided by other agencies like Centre for Monitoring Indian Economy (CMIE).

According to industry body Ficci there is a strong momentum in industrial growth and it is expected to expand by 9 percent in the current financial year.

The government has recently rolled out a new wholesale price-based index for measuring inflation.

Results are here....

Forthcoming Results for Q2:

October 21, 2010
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