TATA MOTORS = RESULTS = FOR THIRD QUARTER ENDING DECEMBER 2010 = Q3 FY 2011 = HUGE JUMP IN NET PROFIT = HIGHLY PROMISING FUTURE

Tata Motors Limited

NSE Symbol TATAMOTORS

TATA MOTORS has declared GOOD RESULTS for  its third quarter results for Q/E December,2010.

·      QUARTERLY PERFORMANCE:

·        Consolidated revenue (net of excise) for the quarter ended December 31, 2010 is Rs.31,685 crores, posting a growth of 22.0% over Rs.25,974 crores in the corresponding quarter of the previous year, with strong volume growth globally in all major markets. 

·        Operating Profit (EBITDA) was Rs.4,822 crores in the quarter against Rs.3,057 crores in the corresponding quarter last year.

·        EBITDA margin stood at 15.2% in the current quarter against 11.8% in the corresponding quarter last year. 

·        Consolidated Profit before Tax (PBT) for the quarter was Rs.2,728 crores compared to a PBT of Rs.889 crores for the corresponding quarter last year. 

·        Consolidated Profit for the period (post minority interest and profit in respect of associate companies) for the quarter was Rs.2,424 crores, a significant increase over Rs.650 crores in the corresponding quarter last year.

·        BASIC EPS  is a good 39.39 against 38.01 in Q2 and 34.8 in Q1. The Growth is consistent over each Quarter.

·        The comparison on other quarterly parameters can be seen in the Table below : 

·       FOR NINE MONTHS ENDED DECEMBER,2010:

·        Consolidated revenue (net of excise) for the nine months ended December 31, 2010 was Rs.87,523 crores a growth of 37.8% over Rs.63,536 crores in the corresponding period last year. 

·        Consolidated Profit (post minority interest and profit in respect of associate companies) for the period was Rs.6,636 crores as compared to Rs.343 crores in the corresponding period last year.

Subsidiary Highlights

The Jaguar Land Rover business continued to show strong profitability, with healthy volumes in Q3 FY 2010-11, reporting a Profit after Tax of GBP 275 million (Rs.1,958 crores). Both wholesale and retail volumes improved favourably as compared to the corresponding quarter last year, on the back of improved market conditions and good response to the product portfolio.

Tata Daewoo Commercial Vehicles Co. Ltd. reported a loss of Rs.4.4 crores in Q3 FY 2010-11 on account of lower volumes and cost pressures.

Tata Motors Finance Limited, the company's captive financing subsidiary, reported a net profit of Rs.33 crores in Q3 FY 2010-11.

Tata Motors Stand-Alone Financial Results for the quarter and nine months ended December 31, 2010.

Tata Motors gross revenue for the quarter ended December 31, 2010 was Rs.12,504 crores (quarter ended December 31, 2009: Rs.9,622 crores).

Revenue (net of excise) of Rs.11,520 crores, represented a growth of 28.4% over Rs.8,974 crores in the corresponding quarter last year.

Operating Profit (EBITDA) was Rs.1,196 crores in the quarter against Rs.1,152 crores in the corresponding quarter last year.

EBITDA margin at 10.4% in the current quarter represented a marginal increase over prior quarter.

However, cost pressures on account of commodity prices continue.

PBT for the quarter is Rs.531 crores (quarter ended December 31, 2009: Rs.555 crores). The PAT for the quarter is Rs.410 crores (quarter ended December 31, 2009: Rs.400 crores).

Standalone revenue (net of excise) for the nine months ended December 31, 2010 was Rs.33,440 crores posting a growth of 43.2% over Rs.23,356 crores in the corresponding period last year.

Profit for the period was Rs.1,238 crores (nine months ended December 31, 2009: Rs.1,643 crores, which included profit of Rs.689 crores on sale of investments, which were not liable to tax).

In commercial vehicles strong demand characterised by favourable macroeconomic conditions, freight demand and good finance availability led to robust domestic demand during the quarter, resulting in volume growth across all segments.

In the domestic market, the company's commercial vehicles sales for the current quarter, increased by 21.5% year-on-year to 113,622 units.

The company's market share in commercial vehicles increased to 64.1% for the current quarter supported by growth in market share in both MHCVs and LCVs.

Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, for the current quarter grew by 4.7% year-on-year in the domestic market to 64,501 units.

The market share in passenger vehicles stood at 12.7% for the nine months ending December, 2010.

Open sales of Nano, which commenced in August 2010, was extended to 12 states during the quarter and on all India basis in early January, 2011 to a good and continuously growing customer demand.

TATA MOTORS FUTURE LOOKS HIGHLY PROMISING, considering the steady progress in its European and other operations. 

CONSOLIDATED RESULTS TABLE :

TATA MOTORS-CONSOL	Q3 FY 11	Q2 FY 11	Q1 FY 11	Q3 FY 10
Net Sales	3150633	2857271	2687608	2597961
dif %1	31506	10.27	17.23	21.27
Other Oprtg Income	17887	20929	17949	6464
Incr./Decr. in SIT / WIP	2393	-96002	-33184	30088
Raw Materials	1779952	1701564	1485277	1493881
Traded goods	241890	239393	252631	219709
Employees Cost	242658	227420	214887	227511
Depreciation	123875	109486	101154	130720
Other Expenditure	452767	405661	400407	336061
Total Expenditure	2843535	2587522	2421172	2437970
DIF %2	28435	9.89	17.44	16.64
Profit from Operations	324985	290678	284385	166455
DIF %3	3250	11.8	14.28	95.24
Other Income	990	1954	3455	469
Interest	49933	53127	56160	54575
Exceptional items	3269	-12764	4136	23421
Profit before tax	272773	252269	227544	88928
Tax Expense	31886	31310	29602	24287
Net Profit after tax	240887	220959	197942	64641
Net Profit	240887	220959	197942	64641
Minority Interest	1082	1128	627	1553
Shares of Associates	-2633	-2468	-1558	-1938
Consolidated Net Profit	242438	222299	198873	65026
DIF %4	2424	9.06	21.91	272.83
Face Value (in Rs.)	10	10	10	10
Paid-up Equity	63311	57060	57060	54396
Basic EPS (in Rs.)	39.39	38.01	34.8	12
Diluted EPS(in Rs.)	36.76	35.83	32.12	10.99
Public Shareholding (%)	46.84	51.16	51.15	-

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