Tata Motors on Friday said consolidated profit for April-June quarter was at Rs 2,236 crore, down 57.2 percent compared to year-ago period. It was impacted by weak operational performance and forex fluctuation but lower tax cost, profit share of JVs and insurance for Tianjin accident limited the fall. The stock gained 2 percent on account of better-than-expected consolidated revenue growth & standalone operational performance, and improvement in JLR business.
The company revised its profit for the quarter ended June 2015 to Rs 5,231 crore from Rs 2,768.91 crore after change in accounting standards.
Consolidated revenue during the quarter grew by 9 percent year-on-year to Rs 67,056 crore, driven by strong sales volume growth in all regions for Jaguar Land Rover (JLR) and continued growth in M&HCV and LCV segments.
The Tata Group company in Q1 sold 1.34 lakh units of Jaguar Land Rover, higher by 17 percent YoY due to strong response to Jaguar F-PACE and XE while domestic sales increased 7 percent led by 10 percent growth in commercial vehicle business.
Profit was estimated at Rs 2,856 crore on revenue of Rs 64,400 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Operating profit (EBITDA-earnings before interest, tax, depreciation and amortisation) during the quarter slipped 30.8 percent to Rs 7,612.9 crore and margin fell 650 basis points to 11.4 percent compared to year-ago period.
Exceptional income during the quarter included further recoveries of 50 million pound (Rs 478 crore) pertaining to Tianjin Port incident which happened during the year ended March 2016, Tata Motors said, adding share of profit of joint ventures & associates stood at Rs 429 crore (against loss of Rs 70.82 crore YoY).
Consolidated tax expenses plunged 56.3 percent to Rs 720 crore while other income declined 22.5 percent to Rs 173.6 crore compared with corresponding period of last fiscal.
Consolidated earnings comprised of domestic business (commercial as well as passenger vehicles) and JLR. Standalone is only domestic business.
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