Tata Motors Q2 PAT up

Our Corporate Bureau
31 October 2004

Mumbai: Tata Motors Ltd has reported a 49.6 per cent rise in profit after tax for the quarter ended September 30, 2004, to Rs309.21 crore as against Rs206.68 crore in the previous corresponding period.

Net sales / income from operations was up 30.5 per cent to Rs4,147.05 crore (Rs3,177.73 crore for the year ago period). Vehicle sales increased by 22.33 per cent to 95,576 units (78,125 units).

Other income moved up to Rs70.59 crore (Rs22.78 crore). It included a profit of Rs28.53 crore on part sale of Tata Motors' equity stake in Haldia Petrochemicals. Net interest was higher at Rs39.78 crore (Rs25.99 crore).

Praveen Kadle, executive director, Tata Motors, attributed the rise in interest to gains last year from the income-tax refund.

According to him, the company's balance sheet size is Rs537 crore with surplus cash/investments amounting to Rs3,503 crore. Gross debt is Rs2,863 crore but net debt (after netting surplus cash) is a negative Rs640 crore.