Tata Motors Limited
NSE Symbol TATAMOTORS
TATA
MOTORS LTD has performed excellently in the
third quarter ended Dec,2011.
Net
Sales in Q3 FY 12 stands at Rs.45199.29 cr; up by 25.77% from the
previous qtr of Q2 FY 12; up by 35.36% from the first Qtr (Q1 FY 12) and up by 43.46%
from Q3 FY 11, the corresponding Qtr of last year.
Other
Operating Income in Q3 FY 12 stands at Rs.60.96 down by -76.47% from Q2 FY 12; down
by -66.26% from Q1 FY 12; and down by -65.92%
from Q3 FY 11.
Increase
in SIT/WIP in Q3 FY 12 stands at Rs(-)986.44 Cr – down by -227.45% from Q2 FY
12; down by 6.34% from Q1 FY 12; and down by -4222.19% from Q3 FY 12.
Raw
Materials consumption in Q3 FY 12 stands at Rs.28082.06 cr; up by 27.02% from the previous qtr of Q2 FY 12; up
by 37.69% from the first Qtr (Q1 FY 12) and up by 57.77% from Q3 FY 11, the
corresponding Qtr of last year.
Traded
goods in Q3 FY 12 stands at Rs.2898.77 cr; up by 3.38% from the previous
qtr of Q2 FY 12; up by 11.77% from
the first Qtr (Q1 FY 12) and up by 19.84% from Q3 FY 11, the corresponding Qtr
of last year.
Employees
Cost in Q3 FY 12 stands at Rs.3207.22 cr; up by 11.92% from the previous qtr of Q2 FY 12; up by 23.71% from the first Qtr (Q1 FY 12)
and up by 32.17% from Q3 FY 11, the corresponding Qtr of last year.
Depreciation in
Q3 FY 12 stands at Rs.1615.94 cr; up by 21.42% from the previous qtr of Q2 FY
12; up by 41.35% from the first Qtr (Q1
FY 12) and up by 30.45% from Q3 FY 11,
the corresponding Qtr of last year.
Other
Expenditure in Q3 FY 12 stands at Rs.5231.66 cr; up by 11.57% from the previous qtr of Q2 FY 12; up by 8.79% from
Q1 FY 12; and up by 15.55% from Q3 FY 11.
Total
Expenditure in Q3 FY 12 stands at Rs.40049.21 cr; up by 21.27% from the previous qtr of Q2 FY 12; up by 31.40 from Q1
FY 12; and up by 40.84% from Q3 FY 11, the corresponding Qtr of last year.
Profit
from Operations in Q3 FY 12 stands at Rs.5211.04 cr; up by 64.22% from the previous
qtr of Q2 FY 12; up by 68.50% from Q1 FY 12; up by 60.35% from Q3 FY 11, the
corresponding Qtr of last year.
Interest in Q3 FY 12 stands at Rs.576.94 cr; up by 9.88% from the previous
qtr of Q2 FY 12; down by -24.67% from Q1 FY 12; and up by 15.54% from Q3 FY 11,
the corresponding Qtr of last year.
Exceptional
items in Q3 FY 12 stands at Rs.164.34 cr; down by -62.56%
from the previous qtr of Q2 FY 12; up by 188.37% from Q1 FY 12; and up by 402.72%
from Q3 FY 11.
Profit
before tax in Q3 FY 12 stands at Rs.4493.79 cr; up by 97.97% from the previous qtr of Q2 FY 12; up by 91.57% from Q1 FY 12; and up by 64.74% from
Q3 FY 11.
Tax
Expense in Q3 FY 12 stands at Rs.1071.09 cr; up by 195.03% from the
previous qtr of Q2 FY 12; up by 204.36%
from Q1 FY 12; and up by 235.91% from Q3 FY 11.
Net
Profit in
Q3 FY 12 stands at Rs.3422.70 cr; up by 79.49 %
from the previous qtr of Q2 FY 12; up by 71.66% from Q1 FY 12; and up by 42.09% from Q3 FY 11.
Consolidated
NPT in
Q3 FY 12 stands at Rs.3405.55 cr; up by 81.4% from the previous qtr
of Q2 FY 12; up
by 70.31% from Q1 FY 12;
and up by 40.47%
from Q3 FY 11.
Face
Value is Rs.2 and Paid-up
Equity is Rs.634.75
Basic
EPS is Rs.10.72 in Q3 FY 12 ( on FV of Rs.2); Rs.5.9
in Q2 FY 12 (on FV of Rs.2); Rs.31.43 in Q1FY 12(On FV of Rs.10); Rs.39.39 (On
FV of Rs.10).
On a Uniform basis, On FV of Rs.2;
the Q’ly EPS amounts to Rs.10.72; Rs.5.9;
Rs.6.286; Rs.7.88 respectively. Thus, compared to all qtrs – Q3 FY 12 has
scored a significant rise in Profitability.
Annual
EPS amounts to Rs.33.62 on FV of Rs.2.
Current
Market price is Rs.287.55 While the
52 week high price is
Rs.1303.70; and the 52 week low price is
Rs.137.55.
The Price Earnings Ratio is
8.55 – which is quite LOW for this level of Profitability and considering the
future plans of expansion and potential of TATA Motors. The Indian Auto scene for 4 wheelers is picking up reasonably well in Q4. With softening of Interest Rates expected in future, demand may rise further.
9
MONTHS REVIEW
Cons.revenue was
Rs.114747 Cr – a growth of 32.1% over LY same period (Rs.86841 Cr).
Consol.Profit(before
Exceptional items and tax) was
Rs.9770 Cr – a growth of 30.7% over Rs.7472 of LY 9 M.
C-PBT was
Rs.9110 cr (Rs.7526 cr LY 9 M) after a swing of Rs.714 cr on Exceptiona Item (Forex Loss) against a
Gain of Rs.54 Cr LY 9 M.
C-NPT
after TAX &Minority Interest etc
was Rs.7283 Cr against Rs.6636 Cr in LY 9 M.
STAND
ALONE RESULTS
Revenues
stood at Rs.13338 Cr –
up 18.2% over LY(Rs.11280 Cr).
Operating
Margins down to 6.7% due to High High Marketing
spends and overall cost pressures.
Operating
Profit (EBITDA) is Rs.897 cr in the Qtr, down by 26.3% from Rs.1217 cr LY.
PBT for the Qtr is Rs.186 Cr compared to
Rs.531 cr LY same period.
PAT for the Qtr is Rs.174 Cr – compared to
Rs.410 Cr.
Stand
Alone for 9 Months :-
Revenue
is Rs.37916 Cr – a growth
of 15.7% over Rs.32,763 cr LY.
There was an impact of Rs.282 cr of an
Exceptional Item (Rs.375 Cr loss vs Loss of Rs.93 Cr LY).
PBT was Rs.689 Cr compared to Rs1606 Cr
LY.
PAT
was Rs.677 Cr compared to Rs.1239 Cr LY.
TATA
MOTORS sales including Exports, of commercial and
passenger Vehicles for 9M of FY 12 stood
at 640334 Units – a growth of 8.2% over LY.
In domestic Market,
commercial Vehicle sale for the Q3 stood at 131220 Vehicles –
up 15./5% over LY.
Commercial
Vehicle sales for 9 M of FY 12 is up by 15.5% to 374532 Units over LY.
Market
share in commercial Vehicles
was 59.4% for 9m FY
12.
Passenger
Vehicles sale grew by 33.2%
in domestic Market over LY – to 85963 Units.
Sales
for 9M of FY 12,
declined by 2% to 220574 Units over LY.
Market
share in Passenger Vehicles improved to 12.6% for 9 M of FY 12 –
due to good sales in Q3.
JAGUAR
LAND ROVER PLC
Sales
for 9 M of FY 12 stood at 216412 Units (up 21.9% over LY)
supported by better Product Mix and Market Mix with strong growth in China and
Russia.
Sales
for the Q3FY12 grew 36.7% to 86,322 units –due to
overwhelming Response to Range Rover Evoque.
Revenues of GBP 3746 Mn – up 40.9% over GBP
2658 Mn of LY of Q3 FY 11.
Operating Margins stood
at 20.1% for Q3 FY 12;OPT (EBITDA) of
GBP 752 Mn in Q3 FY 12; a growth of 62.8% over GBP 559 Mn (GBP 300 MN in Q3 FY
11). And a PAT for Q3 FY 12 of GBP 440 Mn (GBP 280 Mn in Q3 FY 11).
Recently
launched Range Rover Evoque clocked 32000 wholesale Units till
Dec,2011.
Jaguar
Land Rover tied up
the Revolving Credit facility (RCF) for committed 3.5 year credit lines
of GBP 610 Mn which has sicne been upsized to GBP 710 Mn.It strengthens
liquidity Position.
TATA
DAEWOO
Registered Net Revenues of
Rs.704 Cr, and recorded a Net loss of Rs.1 Cr – in Q3 FY 12 – due to
slowing down of economy and sales.
Tata motors
finance
Net
Revenues of Rs.524 Cr and reported a PAT of Rs.71 Cr for Q3 FY 12.
CONSOLIDATED
RESULTS
Q3FY12
|
Q2FY12
|
%Dif1
|
Q1FY12
|
%Dif2
|
Q3FY11
|
%Dif3
|
|
Net Sales
|
4519929
|
3593847
|
25.77
|
3,339,178.00
|
35.36
|
3,150,633.00
|
43.46
|
Other Oprtng Income
|
6096
|
25907
|
-76.47
|
18,068.00
|
-66.26
|
17,887.00
|
-65.92
|
Increase in SIT/WIP
|
-98644
|
77396
|
-227.45
|
-105,320.00
|
-6.34
|
2,393.00
|
-4222.19
|
Raw Materials
|
2808206
|
2210883
|
27.02
|
2,039,498.00
|
37.69
|
1,779,952.00
|
57.77
|
Traded goods
|
289877
|
280396
|
3.38
|
259,344.00
|
11.77
|
241,890.00
|
19.84
|
Employees Cost
|
320722
|
286557
|
11.92
|
259,245.00
|
23.71
|
242,658.00
|
32.17
|
Depreciation
|
161594
|
133082
|
21.42
|
114,322.00
|
41.35
|
123,875.00
|
30.45
|
Other Expenditure
|
523166
|
468920
|
11.57
|
480,895.00
|
8.79
|
452,767.00
|
15.55
|
Total Expenditure
|
4004921
|
3302442
|
21.27
|
3,047,984.00
|
31.40
|
2,843,535.00
|
40.84
|
Profit from Operations
|
521104
|
317312
|
64.22
|
309,262.00
|
68.50
|
324,985.00
|
60.35
|
Other Income
|
2403
|
6084
|
-60.5
|
7,608.00
|
-68.41
|
990
|
142.73
|
Interest
|
57694
|
52505
|
9.88
|
76,590.00
|
-24.67
|
49,933.00
|
15.54
|
Exceptional items
|
16434
|
43896
|
-62.56
|
5,699.00
|
188.37
|
3,269.00
|
402.72
|
Profit before tax
|
449379
|
226995
|
97.97
|
234,581.00
|
91.57
|
272,773.00
|
64.74
|
Tax Expense
|
107109
|
36304
|
195.03
|
35,191.00
|
204.36
|
31,886.00
|
235.91
|
Net Profit
|
342270
|
190691
|
79.49
|
199,390.00
|
71.66
|
240,887.00
|
42.09
|
Minority Interest
|
2096
|
3353
|
-37.49
|
391
|
436.06
|
1,082.00
|
93.72
|
Shares of Associates
|
-381
|
395
|
-196.46
|
-963
|
-60.44
|
-2,633.00
|
-85.53
|
Consolidated NPT
|
340555
|
187733
|
81.4
|
199,962.00
|
70.31
|
242,438.00
|
40.47
|
Face Value (in Rs.)
|
2
|
2
|
0
|
10
|
-80.00
|
10
|
-80
|
Paid-up Equity
|
63475
|
63475
|
0
|
63,475.00
|
0.00
|
63,311.00
|
0.26
|
Basic EPS
|
10.72
|
5.9
|
81.69
|
31.43
|
-65.89
|
39.39
|
-72.78
|
Diluted EPS
|
10.24
|
5.65
|
81.24
|
30.09
|
-65.97
|
36.76
|
-72.14
|
Public holding (%)
|
-
|
46.46
|
45.78
|
46.84
|
*
* * E
N D *
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