More reports on: Industry - general

Tata Group posts $103bn in FY16 turnover; overseas revenues hit $70bn

news
30 July 2016

Tata Group reported total revenue of Rs672,408 crore (about $103 billion) during the financial year ended 31 March 2016 against Rs658,432 crore (about $108 billion) in the previous financial year, showing a growth in rupee terms and a decline in dollar terms, Tata Group CEO Cyrus Mistry told an annual leadership meet on Friday.

Revenues from international operations during the 2015-16 financial year stood at $70 billion, constituting 69 per cent of the group's revenues, Mistry said.

He attributed the drop in dollar value in revenue to global political uncertainty, a steep reduction in commodity prices, and volatility in currencies.

He said 16 of the group companies recorded turnover of over $500 million during the year, with 10 of these posting a turnover of over $1 billion.

The group also invested around $9 billion worldwide during the year, contributing to a $28 billion capital spend over the last three years.

This substantial capital investment programme has delivered a number of growth oriented projects, including the Tata group's largest greenfield infrastructure project, the new steel plant at Kalinganagar in the Indian state of Odisha, which commenced commercial production on 25 May 2016, Mistry stated.

The group closed FY2015-16 with a market capitalisation of its 29 listed companies of Rs771,191 crore (about $116 billion). This reflected a decline in market capitalisation compared to the previous year of 7.4 per cent as compared to a decline in the Bombay Stock Exchange (BSE) Sensex of 9.4 per cent.

Addressing the CEOs, Mistry said Tata Group's values importantly incorporate the value of pioneering.

''This value has always been core to the Tata group's approach to business and is reflected in many inspiring endeavours, from Jamsetji Tata's plan to build Asia's first integrated steel plant, to JRD Tata's establishment of India's first airline, to Ratan Tata's vision to create India's first indigenously developed passenger car, the Tata Indica.''

This value is rooted in the proposition that Tata will ''be bold and agile, courageously taking on challenges, using deep customer insight to develop innovative solutions.''

Mistry emphasised that the Tata values of pioneering, integrity, excellence, unity and responsibility should be the driving force for Tata leaders as they work towards delivering sustainable profitable growth in every Tata business.

Mistry said the Tata group doubled its published patents in two years, from about 3,500 at the end of calendar year 2013 to about 7,000 at the end of 2015. In the calendar year 2015, Tata companies filed over 2,000 published patents in India and international jurisdictions. The patents have been filed across diverse areas, including computation and data processing; communications; materials, coatings and castings; and engines, hybrid fuels and controls, he said.

In line with the group's ethos of giving back to society, Mistry disclosed that over 1 million hours were volunteered in fiscal 2015-16 by Tata group employees globally. This places the Tata volunteering programme amongst the largest in the world, he said.

Mistry and the Tata group employees paid their respects at the AGLC to late Xerxes Desai, the first managing director of the Titan Company, and remembered him for his invaluable contribution to the company and the group.





 search domain-b
  go