Tata Motors Limited
NSE Symbol TATAMOTORS
Tata Motors Group Global sales volume crosses 1 million
Turnover crosses Rs 1 lakh crores
PBT crosses Rs 10,000 crores
Ø EBITDA margin has increased to 14.4% in FY 11 from 9.3% in FY 10 – by 510 bps. JLR Margins has contributed to EBIDTA Margins well. On stand alone basis - EBITDA margin is 9.9% in FY 11; against 11.7% in FY 10.(decrease by 180 bps)
Ø Increase in net worth of Rs 10,965 crs during FY11.
Ø EPS (basic) stood at Rs 155.25 for FY11 as compared to Rs 48.64 for FY10
Ø Net Automotive Debt / Equity stood at 0.68 as on March 31, 2011.
Ø Overall capex spend of ~ Rs 8,521 crs in FY11. (JLR ~ GBP 775 mio); (TML ~ Rs 2,391 crs)
Ø Financing business continues growth and profitability with book size of ~ Rs 9,878 crs on March 31, 2011
STAND ALONE BASIS
Ø EPS (basic) stood at Rs 30.28 for FY11 as compared Rs 42.37 for FY10.
Ø In Oct 2010, funds of USD 750 mio were raised via QIP of Ordinary & A Ordinary shares as part of de-leveraging initiative.
Ø FCCBs of ~ USD 326 mio equivalent were converted to equity during the year and 2,35,70,426 Shares were allotted against the conversion.
Ø Net Debt/Equity at 0.67 as on March 31, 2011
Ø The Board of Directors recommended a Dividend of Rs 20 per Ordinary Shares and Rs 20.50 per A Ordinary Shares for FY 2010-11
RESULTS TABLE BELOW
Ø Consolidated net sales at Rs.1,22,426.19 cr in FY 11 is higher by 33.23% from FY 10.
Ø Total Expenditure at Rs.110971.33 cr has also increased, but less than proportionately by 25.69% from FY 10.
Ø Profit from Operations at Rs. 12161.97 cr – has increased from FY 10 by 187.6%.
Ø Profit before tax at Rs.10437.17 Cr has increased from FY 10 by 196.29%.
Ø Consolidated Net Profit at Rs.9273.62 cr – has increased from FY 10 by a huge 260.69%.
Ø Basic EPS has therefore increased to Rs.155.25 in FY 11 from Rs. 48.64 in FY 10 – which is a Fantastic improvement at the consolidated level.
| FY 11 (IN LAKHS) | ||
| Net Sales | 12242619 | 9189345 |
| Other Operating Income | 70711 | 62580 |
| Increase in SIT / WIP | -183619 | -114867 |
| Raw Materials | 7045373 | 5410554 |
| Purchase of traded goods | 1039084 | 853852 |
| Employees Cost | 934267 | 875177 |
| Depreciation | 465551 | 388713 |
| Other Expenditure | 1796477 | 1415613 |
| Total Expenditure | 11097133 | 8829042 |
| Profit from Operations | 1216197 | 422883 |
| Other Income | 8961 | 179312 |
| Profit before I & EI | 1225158 | 602195 |
| Interest | 204542 | 223971 |
| Profit after Int but before EI | 1020616 | 378224 |
| Exceptional items | -23101 | 25960 |
| Profit before tax | 1043717 | 352264 |
| Tax Expense | 121638 | 100575 |
| Net Profit | 922079 | 251689 |
| Minority Interest | 4852 | 3033 |
| Shares of Associates | -10135 | -8450 |
| Consolidated Net Profit | 927362 | 257106 |
| Face Value (in Rs.) | 10 | 10 |
| Paid-up Equity | 63771 | 57060 |
| Reserves | 1838913 | 745015 |
| Basic EPS (in Rs.) | 155.25 | 48.64 |
| Diluted EPS (in Rs.) | 144.83 | 44.65 |
ANNOUNCEMENTS TO NSE
26-05-2011 Tata Motors Board of Directors have approved the sub-division of the Company's Ordinary and 'A' Ordinary Shares, both of the face value of Rs. 10/- each into Ordinary and 'A' Ordinary Shares, both of the face value of Rs. 2/- each, subject to the approval of the shareholders at the said Annual General Meeting.
26-05-2011 the Board of Directors of the Company at its meeting held on May 26, 2011 have recommended a dividend of Rs. 20/- per Ordinary share (200%) and Rs. 20.50 per `A' Ordinary share (205%) for FY 2010-11 (Rs. 15/- per Ordinary Share and Rs. 15.50/- per 'A' Ordinary Share for FY 2009-10).
26-05-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 12242619 lacs for year ending on 31-MAR-2011 against Rs. 9189345 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 927362 lacs for the year ending on 31-MAR-2011 against Rs. 257106 lacs for the year ending on 31-MAR-2010.
26-05-2011 "Tata Motors Group - Global sales grow 24.2% and crosses the 1 million mark in FY 10-11".
26-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 4780742 lacs for year ending on 31-MAR-2011 against Rs. 3537378 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 181182 lacs for the year ending on 31-MAR-2011 against Rs. 224008 lacs for the year ending on 31-MAR-2010.
13-05-2011 press release issued by the Jaguar Land Rover PLC dated May 13, 2011, titled "Jaguar Land Rover Plc, Pricing of Pound 1,000 million equivalent Senior Notes offering".
11-02-2011 standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 1145895 lacs for quarter ending on 31-DEC-2010 against Rs. 892980 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 41006 lacs for the quarter ending on 31-DEC-2010 against Rs. 40014 lacs for the quarter ending on 31-DEC-2009.
11-02-2011 consolidated Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 3150633 lacs for quarter ending on 31-DEC-2010 against Rs. 2597961 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 242438 lacs for the quarter ending on 31-DEC-2010 against Rs. 65026 lacs for the quarter ending on 31-DEC-2009.
11-02-2011 "Consolidated Net Revenue grows by 22% in Q3 FY 2010-11; Consolidated Profit Rs. 2,424 crores (Rs. 650 crores in Q3 FY 2009-10)".
WAY FORWARD –FOR COMMERCIAL VEHICLES
Freight rates continue to appear healthy with demand in haulage segments being robust.
• Increase in infrastructure spending could propel demand for MHCV trucks. Services and agriculture sector along with rural connectivity, proliferation of hub & spoke model and demand of passenger applications is expected to drive growth in LCV/SCV segment
• Proposed ramp up of ACE family production via additional capacity in Dharwad
• In May 2011 the ACE family was expanded to include Magic Iris & Ace Zip.
• Future products in pipeline for FY 12 – Variants from MHCV & Prima range, World LCV range.
• Extend export potential
• Commodity prices & concerns on cost continues. Supply constraints been mostly addressed.
• Current macro economic factors like high inflation, rising interest rates, slower industrial growth have the potential to adversely impact CV demand
• Competitive intensity expected to increase, but Company well placed with a wide and compelling product portfolio and customer support
WAY FORWARD – FOR PAASENGE VEHICLES
Increased focus on rural markets expected to drive volume growth
• Continue transformation and strengthening of the existing product portfolio through improved value propositions and exploiting emerging trends
• Leverage young product portfolio to strengthen market position
• Further expand sales and service network in India and enhanced customer care
• Sustain low cost base with continuous cost reduction efforts
• Extend export potential, commence exports of the Tata Nano
• Future products in pipeline for FY 12 – Nano variants, Vista refresh, Manza Limited edition, New Safari, Aria 2WD
• Competitive intensity and increasing costs in the passenger vehicle segment could pose a risk to operating margins
• Disposable incomes and consumption has risen
WAY FORWARD – JAGUAR & LAND ROVER
Continue to work on profitable volume growth, managing costs and improving efficiencies to sustain the growth momentum
• Continuous sustainable technology and product investment plans
• Range Rover Evoque for sales from Summer of 2011
• New Jaguar and Land Rover 12MY products
• Emphasis on growth markets : China, Russia, India and Brazil
• Announcement that Jaguar C-X75 hybrid supercar is to be produced in association with Williams F1
• External geopolitical and economic factors including exchange rate, could impact volumes and profitability
• Jaguar Land Rover has completed a £1 billion equivalent 7 & 10 year bond offering in the capital markets to refinance existing debt, including repayment of Tata Motors funding and for general corporate purposes
• Further steps to improve the capital structure through extension of debt profile under way.
SUMMING UP : -
While cost pressures are expected to continue in Indian Market, over all profitability on consolidated Basis – is expected to be robust in FY 12 as well.
Volumes can surge further on Global demand. If parts are sourced from Indian operations, stand alone results also could improve further well.
Current MP of the share is around Rs.1086. on a Consolidated EPS of Rs.155.25, the PE Ratio is very LOW. In a more normal market, the shares should register a steep rise. The sub division of the shares should also add value to the shares further.
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