- Consolidated net revenue stood at Rs61,318 crore
- Consolidated PBT (before exceptional items) stood at Rs1,538 crore
For the quarter ended September 30, 2015, Tata Motors reported consolidated revenues (net of excise) of Rs61,318 crore as against Rs60,641 crore for the corresponding quarter last year. This broadly reflects:
- Strong sales in the UK , Europe and North America which helped in offsetting weaker sales in China and other emerging markets in the Jaguar Land Rover business; and
- Continued robust growth in MHICV segment (35.3 percent Y-o-Y) in the standalone business.
However, the consolidated profit before tax (before exceptional items) for the quarter was Rs1,538 crore, against Rs5,644 crore for the corresponding quarter last year broadly due to:
- Weaker China sales and mix, foreign exchange revaluation and higher depreciation and amortisation expenses in the Jaguar Land Rover business.
Further, exceptional items for the quarter includes a charge of Rs2,493 crore on account of the vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business. The process for finalising an insurance claim may take some months to conclude, so insurance and other potential recoveries will only be recognised in future period when paid or confirmed and have not been recognized in this period.
Post the exceptional items, the consolidated loss before and after tax (post minority interest and profit / loss in respect of associate companies) for the quarter was Rs1,115 crore and Rs430 crore respectively, against the consolidated profit before and after tax (post minority interest and profit / loss in respect of associate companies) of Rs5,671 crore and Rs3,291 crore, respectively for the corresponding quarter last year.
For the half-year ended September 30, 2015, the consolidated revenue (net of excise) was Rs122,620 crore against Rs125,169 crore for the corresponding period last year. The consolidated profit before tax (before exceptional item) for the half year ended September 30, 2015, was Rs6,014 crore against Rs13,079 crore for the corresponding period last year. Post the exceptional items, the consolidated profit before and after tax (post minority interest and profit / loss in respect of associate companies) for the half year ended September 30, 2015, was Rs3,244 crore and Rs2,339 crore respectively, as against Rs13,199 crore and Rs8,689 crore, respectively, for the corresponding period last year.
Tata Motors standalone financial results for the quarter and half year ended September 30, 2015
During the quarter, MHICV continued its growth trajectory with volume growth of 35.3 percent Y-o-Y and 8.7 percent Q-o-Q on the back of the continued replacement demand, moderate pre buying and better profitability of the freight operators. The strong growth in MHICV has led to the overall revenue of the company increasing to Rs10,501 crore with a growth of 20.0 percent Y-o-Y. This along with ongoing cost reduction and other margin improvement initiatives have resulted in improvement of 840 bps Y-o-Y in the EBITDA margin of the company.
However, the LCV segments (mainly the SCV) continued to remain weak in the quarter, due to the constrained financing environment and lack of last mile load availability. During the quarter, the company launched new smart pick up Tata ACE Mega with rated payload of 1 tonne, with the best-in-class fuel efficiency and lowest cost of ownership. It is an innovative cargo transport solution in the small commercial vehicle (SCV) segment.
Further, new launches in the Prima LX and Ultra range as well as other product enhancements provide a strong foundation for future growth.
In passenger vehicles, existing products along with the Zest, Bolt and GenX Nano, supported the sales growth in the quarter. The domestic passenger vehicles segment of the company grew 5.2 percent Y-o-Y in the quarter with car segment growth of 14.8 percent Y-o-Y in the quarter. Company expects to continue its volume growth with full year of Zest, Bolt, new GenX Nano and other new and exciting products that will be launched in the coming time period under the company’s Horizonext strategy.
The company has been ranked third in Syndicate JDP CSI 2015, Topline Analysis. Company is the fastest in the industry to jump to the 3rd position in the rankings. The elevation from 7th position in 2011 to 3rd position in 2015 is a testimony to the company’s focused efforts in this direction.
The sales (including exports) of commercial and passenger vehicles for the quarter ended September 30, 2015, stood at 126,690 units, a decline of 0.4 percent, as compared to the corresponding quarter last year. The revenues (net of excise) for the quarter ended September 30, 2015 stood at Rs10,501 crore, as compared to Rs8,752 crore for the corresponding quarter last year. Operating profit (EBITDA) for the quarter stood at Rs709 crores with operating margin at 6.8 percent. Loss before and after tax for the quarter ended September 30, 2015, was Rs285 crore and Rs.287 crore, respectively, against Rs1,107 crore and Rs1,846 crore, respectively, for the corresponding quarter last year.
The revenues (net of excise) for the half year ended September 30, 2015, stood at Rs19,799 crore as compared to Rs16,456 crore in the corresponding period last year. Operating profit (EBITDA) for the half year stood at Rs1,150 crore with operating margin at 5.8 percent. Loss before and after tax for half year ended September 30, 2015 was Rs16 crore and Rs30 crore, respectively, against the Rs714 crore and Rs1,452 crore, respectively, for the corresponding period last year.
Jaguar Land Rover Automotive Plc (figures as per IFRS)
Jaguar Land Rover wholesales (excluding from China JV) and retails (including from China JV) for the quarter were 111,160 units and 110,200 units, respectively.
Revenues for the quarter ended September 30, 2015, stood at GBP4,831 million, against GBP4,808 million for the corresponding quarter last year reflecting higher wholesales notably in UK (up 30 percent year-on-year), mainland Europe (up 20 percent year-on-year) and US (up 65 percent year-on-year) which helped offset weaker sales in China and other emerging markets. Operating profit (EBITDA) for the quarter stood at GBP589 million, against GBP933 million for the corresponding quarter last year reflecting lower China sales and mix offset partially by higher wholesales; unfavourable FX revaluation (primarily EUR payables) and higher manufacturing and launch costs. Operating margin for the quarter stood at 12.2 percent. Profit before tax (before exceptional items) stood at GBP88 million for the quarter ended September 30, 2015, against GBP609 million in the corresponding quarter last year due to lower EBITDA, higher depreciation and amortisation, as well as unfavourable revaluation of foreign currency debt and unrealised hedges.
An exceptional charge of GBP245 million has been recognised for about 5,800 vehicles involved in the Tianjin Port explosion. The process for finalising insurance claim may take some months to conclude, so insurance and other potential recoveries will only be recognized in future period when paid or confirmed and have not been recognized in this period. Post the exceptional charge, loss before and after tax stood at GBP157 million and GBP92 million, respectively (against profit before and after tax of GBP609 million and GBP450 million respectively in the corresponding quarter last year).
Revenues for the half year ended September 30, 2015, stood at GBP9,833 million, against GBP10,161 million in the corresponding period last year. Operating profit (EBITDA) stood at GBP1,410 million for the half year, against GBP2,020 million in the corresponding period last year. Operating margin for the half year stood at 14.3 percent. The profit before tax for the half year ended September 30, 2015, was GBP481 million (GBP1,533 million in the corresponding period last year). Profit after tax for the half year stood at GBP400 million (GBP1,143 million in the corresponding period last year).
During the period over half of the model range transitioned to all-new or model-year upgrades, including the new XE, XF and XJ, as well as the Land Rover Discovery Sport and the Range Rover Evoque, which supported a strong performance already in September. This will position JLR to deliver a solid second half performance, first indication being visible in October : Jaguar Land Rover today reported best ever October retail sales of 41,553 vehicles, up 24 percent Y-o-Y with Jaguar retailing 7,467 units, up 39 percent Y-o-Y and Land Rover retailing 34,086 units, up 21 percent Y-o-Y. Retail sales for the month of October were 40 percent up Y-o-Y in UK, 74 percent up in North America, 24 percent up in Europe, 9 percent up in China and 5 percent down in other overseas markets.
October performance has been driven by positive market response to the Jaguar XE and Land Rover Discovery Sport, as well as a solid increase in sales of the Range Rover Sport, Land Rover Discovery and Range Rover. Regional retail sales growth was strong, with USA and UK having their best ever October and Europe significantly up on last year. China was also up, reflecting increased demand for the Range Rover Sport, Range Rover, Discovery as well as start of sales of the Jaguar XE.
Tata Daewoo Commercial Vehicles (figures as per Korean GAAP)
Tata Daewoo Commercial Vehicles registered net revenues of KRW223 billion and recorded a net profit of KRW13.5 billion in the quarter ended September 30, 2015. Net revenue and net profit for the half year ended September 30, 2015, stood at KRW416 billion and KRW25.4 billion, respectively.
Tata Motors Finance
Tata Motors Finance, the company’s captive financing subsidiary, on a consolidated basis registered net revenue from operations of Rs666 crore and reported a loss after tax of Rs64 crore for the quarter ended September 30, 2015. Net revenue from operations and profit after tax for the half year ended September 30, 2015, stood at Rs1,360 crore and Rs27 crore, respectively.
Statement of Consolidated Unaudited Financial Results for the Quarter ended September 30, 2015
Statement of Standalone Audited Financial Results for the Quarter ended September 30, 2015
