Wednesday, December 21, 2011

TATA MOTORS - RESULTS FOR = Q2 FY 2012 - ATR ENDING SEPT 2011 = EXCEPTIONAL EXPENSE EATS AWAY PROFITS

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.

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