Tata Motors reports consolidated Q2 net profit of Rs848 crore
15 November 2016
Tata Motors has reported a net profit (net of profit or loss in respect of joint ventures and associate companies) of Rs848 crore for the quarter ended 30 September 2016.
The company had reported a consolidated net after tax profit (net of profit or loss in respect of joint ventures and associate companies) of Rs1,740 crore for the corresponding quarter last year, the company stated in a regulatory filing with the Bombay Stock Exchange (BSE).
Consolidated revenue of the company during the July-September 2016-17 quarter stood at Rs67,000 crore, up 6.94 per cent compared to Rs62,647 crore during the like period of the previous fiscal.
"Consolidated profit before tax (before exceptional item) for the quarter was Rs983 crore, against Rs1,191 crore for the corresponding quarter last year," the company stated.
"Broadly due to higher volumes and favourable operating exchange in Jaguar Land Rover business more than offset by the realised hedging losses of Rs3,510 crore, and adverse commodity derivatives impact of Rs187 crore."
The corresponding quarter of last year included an exceptional item of Rs2,493 crore on account of the vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business.
Segment-wise, Jaguar Land Rover's net profit stood at £244 million for the quarter ended 30 September 2016, compared to an after-tax loss of £92 million in the corresponding period last year.
JLR's total retail sales, including the China JV (joint venture), in the second quarter were 142,459 units, up 29.3 per cent.
Tata Daewoo Commercial Vehicles reported net revenue of approximately Rs1,440 crore and a net profit of Rs48 crore during the quarter ended 30 September 2016.
Tata Motors Finance, the company's financing subsidiary, reported net revenue from operations of Rs673 crore and an after-tax loss of Rs7 crore during the quarter.
On a standalone basis, the company reported a decline of 118.33 per cent in its net profit, including joint operations for the quarter ended 30 September 2016.
"Loss before and after tax for the quarter ended September 30, 2016, for the standalone business (including joint operations) was Rs 609 crore and Rs 631 crore, respectively, against loss before and after tax of Rs 272 crore and Rs 289 crore, respectively, for the corresponding quarter last year," the statement read.
The automobile major's standalone revenue, including joint operations, during the quarter under review decreased by 3.28 per cent to Rs 11,406 crore from Rs 11,794 crore earned during the corresponding period of last year.
Tata Motors' sales of commercial and passenger vehicles including exports for the second quarter of the financial year stood at 134,397 units representing a growth of 6.1 per cent as compared to the corresponding period of the previous year.