TATA MOTORS LTD
RESULTS FOR
Q2 FY 12 ENDING SEPT,2011
CONSOLIDATED PERFORMANCE
The
consolidated financial result of TATA Motors for the Qtr ending Sept,2011 is
analysed below :
Net Sales has increased to Rs.35938.47 cr in Q2 FY 12 compared
to Rs.33391.78 cr (+7.63%) in Q1 FY 12 and from Rs.28572.71 Cr (+25.78%) in Q2
FY 12.
Raw Materials
consumption has increased to Rs.22108.83
Cr in Q2 FY12 – compared to Rs.20394.98 Cr in Q1 FY 12 (+8.40%) and compared to
Rs.17015.64 cr in Q2 FY 11 (+29.93%).
Total Expenditure has
increased to Rs.33024.42 cr in Q2 FY 12
– from Rs.30479.84 Cr in Q1 FY 12 (+8.35%)
– and from Rs.25875.22 Cr in Q2 FY 12 (+ 27.63%).
Profit from Operations has gone up
to Rs.3173.12 Cr in Q2 FY 12 – from Rs.3092.62 Cr in Q1 FY 12 (+2.60%) and from
Rs.2906.78 cr in Q2 FY 11 (+9.16%).
Exceptional items Expenditure has gone up very steeply to Rs.438.96 cr in Q2 FY 12 – from Rs.56.99 cr in Q1 FY 12
and compared to Rs.(-)127.64 in Q2 FY 11.
Profit before tax has therefore come down to Rs.2269.95 Cr in Q2 FY 12 –
from Rs.2345.81 (-3.23%) – and compared to Rs.2522.69 Cr in Q2 FY 11 (-10.02%).
Net Profit has further come down to Rs. 1906.91 cr in Q2 FY 12 – compared to Rs. 1993.90 cr (-4.36%) – and compared to
Rs.2209.59 cr in Q2 FY 11 (-13.7%) – due to slightly higher tax expense.
Consolidated Net Profit has gone down further to Rs.1877.33 cr in Q2 FY 12 –
compared to Rs.1999.62 Cr (-6.12%) in Q1 FY 12 – and compared to Rs.2222.99 Cr
in Q2 FY 11 (-15.55%) – due to higher Minority Interest.
Face Value of share has been brought down to Rs.2 from Rs.10 in current
qtr.
Basic EPS on lower face
value of Rs.2 is Rs.5.9 in Q2 FY 12 – while the same isRs.31.43 on Rs.10 FV in
Q1 FY 12 (or Rs.6.246 on FV of Rs.2);
and Rs.38.01 on Rs.10 FV in Q2 FY11 (or, Rs.7.60 on FV of Rs.2). On this
basis, the annualized EPS works out to about Rs.24. TATA MOTORS SHARES are
quoting at Rs.177 on FV of Rs.2 - On the
Annual EPS, the PE ratio comes to 177/24 = 7.38.
In
the current dull market, the PE Ratios fall down drastically. But, in a normal
market, TATA motors will merit much better valuations than at present. The
Passenger vehicles Market as well as other vehicles is going through a rough
patch due to various reasons. If RBI brings down interest rates to more
reasonable levels – we can expect a psychological boost for the entire spectrum
of Industry and demand and supply will both pick up in sectors like Auto and
home finance / construction segments.
CONSOLIDATED RESULTS
TABLE
Q2 FY12
|
% DIF
|
%DIF
|
|||
Net Sales
|
3,593,847.00
|
3,339,178.00
|
7.63
|
2,857,271.00
|
25.78
|
Other Optng
Incom
|
25,907.00
|
18,068.00
|
43.39
|
20,929.00
|
23.79
|
Increase in
SIT&WIP
|
-77,396.00
|
-105,320.00
|
-26.51
|
-96,002.00
|
-19.38
|
Raw
Materials
|
2,210,883.00
|
2,039,498.00
|
8.40
|
1,701,564.00
|
29.93
|
Traded goods
|
280,396.00
|
259,344.00
|
8.12
|
239,393.00
|
17.13
|
Employees
Cost
|
286,557.00
|
259,245.00
|
10.54
|
227,420.00
|
26
|
Depreciation
|
133,082.00
|
114,322.00
|
16.41
|
109,486.00
|
21.55
|
Other
Expenditure
|
468,920.00
|
480,895.00
|
-2.49
|
405,661.00
|
15.59
|
Total
Expenditure
|
3,302,442.00
|
3,047,984.00
|
8.35
|
2,587,522.00
|
27.63
|
Profit from
Operation
|
317,312.00
|
309,262.00
|
2.60
|
290,678.00
|
9.16
|
Other Income
|
6,084.00
|
7,608.00
|
-20.03
|
1,954.00
|
211.36
|
Interest
|
52,505.00
|
76,590.00
|
-31.45
|
53,127.00
|
-1.17
|
Exceptional
items
|
43,896.00
|
5,699.00
|
670.24
|
-12,764.00
|
-443.9
|
Profit
before tax
|
226,995.00
|
234,581.00
|
-3.23
|
252,269.00
|
-10.02
|
Tax Expense
|
36,304.00
|
35,191.00
|
3.16
|
31,310.00
|
15.95
|
Net Profit
|
190,691.00
|
199,390.00
|
-4.36
|
220,959.00
|
-13.7
|
Minority
Interest
|
3,353.00
|
391
|
757.54
|
1,128.00
|
197.25
|
Shares of
Associates
|
-395
|
-963
|
-58.98
|
-2,468.00
|
-84
|
Consol. Net
Profit
|
187,733.00
|
199,962.00
|
-6.12
|
222,299.00
|
-15.55
|
Face Value
(in Rs.)
|
2
|
10
|
-80.00
|
10
|
-80
|
Paid-up
Equity
|
63,475.00
|
63,475.00
|
0.00
|
57,060.00
|
11.24
|
Basic EPS
|
5.9
|
31.43
|
-81.23
|
38.01
|
-84.48
|
Diluted EPS
|
5.65
|
30.09
|
-81.22
|
35.83
|
-84.23
|
Public
Holding (%)
|
46.46
|
45.78
|
1.49
|
51.16
|
-9.19
|
STAND ALONE PERFORMANCE
On
a stand Alone Basis, TATA Motors performance is analysed below :
Net Sales has gone up to Rs.12886.18 cr in Q2 FY 112 – from
Rs.11833.19 Cr in Q1 FY 12 (+8.9%) - and from Rs.11449.61 cr in Q2 FY11
(+12.55%).
Raw Materials
consumption stands at Rs.8107.32
cr in Q2 FY 12 – up from Rs.7378.61 cr
(+9.88%) in Q1 FY 12; and up from Rs.6541.77 cr in Q2 FY 11 (+ 23.93%).
Total Expenditure stands at Rs.12467.78 cr in Q2 FY 12 – compared to Rs.11296.44
cr in Q1 FY 12 (+10.37%) in Q1 FY 12; and Rs.10741.04 cr in Q2 FY 11 (+16.08%).
Profit from Operations stands at
Rs.486.02 cr in Q2 FY 12 – down from Rs.601.45 cr in Q1 FY12 (-19.19%) and down
from Rs.763.03 cr in Q2 FY 12 (-36.3%).
Exceptional Items
Expense has gone up very steeply
to Rs. 294.20 cr in Q2 FY 12 from Rs.(-)2.44
cr in Q1 FY 12 and Rs.(-)3.78 Cr in Q2 FY 11.
Profit before tax stands at Rs.36.50 cr in Q2 FY 12, compared to Rs.466.26
cr in Q1 FY 12 (-92.17%) and Rs.537.17
cr in Q2 FY 11 (-93.21%).
Tax expense is lower at Rs.(-)65.52 cr in Q2 FY 12, compared to
(+)64.98 cr in Q1 FY 12 and Rs.(+)104.47 Cr in Q2 FY 11.
Net Profit has therefore increased slightly to Rs.102.02 cr in Q2
FY 12 – though much lower compared to Rs.401.28 cr in Q1 FY 12 and Rs.432.70 cr
in Q2 FY 11.
Basic EPS on FV of Rs.2 stands at Rs.0.31 fro Q2 FY 12 –
compared to Rs.6.25 in Q1 FY 12 On FBV of Rs.10 (Rs.1.25 per FV of Rs.2) and
Rs.7.53 in Q2 FY 11 (Rs.1.506 on FV of Rs.2). On stand Alone Basis, this is a
deep climb down in current quarter.
STAND ALONE RESULTS TABLE
TATA
MOTORS S/A
|
30-Sep-11
|
30-Jun-11
|
%
DIF
|
30-Sep-10
|
%DIFE
|
Net Sales
|
1288618
|
1183319
|
8.9
|
1144961
|
12.55
|
Other Operating Income
|
6762
|
6470
|
4.51
|
5446
|
24.16
|
Increase in SIT/WIP
|
-3189
|
-53728
|
-94.06
|
-13976
|
-77.18
|
Raw Materials
|
810732
|
737861
|
9.88
|
654177
|
23.93
|
Traded Goods
|
150066
|
138986
|
7.97
|
176221
|
-14.84
|
Employees Cost
|
68285
|
62110
|
9.94
|
58096
|
17.54
|
Depreciation
|
38691
|
36514
|
5.96
|
33164
|
16.67
|
Other Expenditure
|
182193
|
207901
|
-12.37
|
166422
|
9.48
|
Total Expenditure
|
1246778
|
1129644
|
10.37
|
1074104
|
16.08
|
Profit from Operations
|
48602
|
60145
|
-19.19
|
76303
|
-36.3
|
Other Income
|
5678
|
11552
|
-50.85
|
7752
|
-26.75
|
Interest
|
21210
|
25315
|
-16.22
|
30716
|
-30.95
|
Exceptional Items
|
29420
|
-244
|
-378
|
||
Profit before tax
|
3650
|
46626
|
-92.17
|
53717
|
-93.21
|
Tax expense
|
-6552
|
6498
|
-200.83
|
10447
|
-162.72
|
Net Profit
|
10202
|
40128
|
-74.58
|
43270
|
-76.42
|
Face Value (In Rs
|
2
|
10
|
-80
|
10
|
-80
|
Paid Up Equity
|
63475
|
63475
|
0
|
57060
|
11.24
|
Basic EPS A EI
|
0.31
|
6.25
|
-95.04
|
7.53
|
-95.88
|
Diluted EPS A EI
|
0.3
|
6.04
|
-95.03
|
7.18
|
-95.82
|
Public holding (%)
|
46.46
|
45.78
|
1.49
|
51.16
|
-9.19
|
ANNOUNCEMENTS
BY TATA MOTORS
TO STOCK EXCHANGE
14-11-2011
"Consolidated Net Revenue
grows by 27% in Q2 FY 2011-12; Consolidated Profit Rs.1,877 crores (Rs.2,223
crores in Q2 FY 2010-11)".
14-11-2011
consolidated Results for the
quarter ended on 30-SEP-2011 as follows: Net Sales of Rs. 3593847 lacs for
quarter ending on 30-SEP-2011 against Rs. 2857271 lacs for the quarter ending
on 30-SEP-2010. Net Profit / (Loss) of Rs. 187733 lacs for the quarter ending
on 30-SEP-2011 against Rs. 222299 lacs for the quarter ending on 30-SEP-2010.
14-11-2011
standalone Results for the quarter
ended on 30-SEP-2011 as follows: Net Sales of Rs. 1288618 lacs for quarter
ending on 30-SEP-2011 against Rs. 1144961 lacs for the quarter ending on
30-SEP-2010. Net Profit / (Loss) of Rs. 10202 lacs for the quarter ending on
30-SEP-2011 against Rs. 43270 lacs for the quarter ending on 30-SEP-2010.
* * * E N D * * *
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