Tata Motors Q1 net down 23% at Rs 1726cr; JLR profit up 29%
UK subsidiary Jaguar Land Rover (JLR) JLR's first quarter net profit surged nearly 29 percent on yearly basis to GBP 304 million while revenues jumped 12.6 percent year-on-year to GBP 4,097 million in April-June quarter.
August 07, 2013 / 17:31 IST
Moneycontrol Bureau
Tata Motors disappointed the street with its standalone performance during April-June quarter, but strong numbers by UK subsidiary Jaguar Land Rover (JLR) salvaged the consolidated performance of the commercial vehicle major.Consolidated net profit fell 23 percent year-on-year to Rs 1,726 crore while revenues grew by 8 percent on yearly basis to Rs 46,785 crore, despite a weak operating environment in the standalone (domestic) business, growth in volumes, richer product mix and favourable foreign exchange at JLR.Earnings before interest, tax, depreciation & amortisation (EBITDA) increased 8 percent to Rs 6,219 crore and operating profit margin improved just 10 bps Y-o-Y to 13.3 percent.Consolidated forex loss was Rs 179 crore during June quarter as against loss Rs 440 crore in a year ago period.Meanwhile, on a standalone basis, Tata Motors posted a net profit of Rs 703.3 crore versus Rs 205.3 crore year-on-year, boosted by huge other income of Rs 1,620.55 crore that included dividend from its subsidiaries.After excluding other income from the profit, the adjusted loss would be Rs 917.25 crore, which was quite higher compared to analysts' forecast a loss of Rs 400 crore.Standalone revenue of the auto company dropped 14 percent Y-o-Y to Rs 9,104.5 crore, which was above expectations of Rs 8,600 crore.The Tata group firm has received dividend from subsidiaries of Rs 1,537 crore during the quarter.Standalone operating profit margin was 2.3 percent for the quarter ended June 2013 as against 7.3 percent in a year ago period.UK subsidiary Jaguar Land Rover (JLR) JLR's first quarter net profit surged nearly 29 percent on yearly basis to GBP 304 million while revenues jumped 12.6 percent year-on-year to GBP 4,097 million in April-June quarter.Analysts had expected JLR to report net profit of 290 pound on revenues of 3,921 pound.EBITDA grew higher-than-expected 28 percent to GBP 675 million as against analysts' forecast of pound 604 million, aided by wholesales volume increase, favourable exchange rate, richer product mix supported by launch of all-new Range Rover and F-TYPE.The stock was down 3.01 percent to close at Rs 278.90 on the National Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
