Country's largest commercial vehicle producer Tata Motors disappointed the street with its third quarter numbers on consolidated as well as standalone basis. Consolidated net profit fell more than 52 percent year-on-year to Rs 1,627 crore in the quarter.
However, consolidated revenues increased 1.8 percent to Rs 46,090 crore (lower-than-expected) from Rs 45,260.3 crore during the same period, helped by strong demand, growth in volumes and favourable market mix at Jaguar Land Rover (JLR).
Analysts on an average were expecting net profit at Rs 2,250 crore on revenues of Rs 47,277 crore for the quarter.
Consolidated EBITDA slipped 17 percent YoY to Rs 5,657 crore and operating profit margin fell by 270 basis points YoY to 12.3 percent in the December quarter.
The company reported consolidated forex loss of Rs 173.5 crore during the quarter.
On standalone basis:
Tata Motors posted net loss at Rs 458.5 crore, which was quite higher as compared to estimated loss of Rs 180 crore during the quarter. Net profit for the third quarter of FY12 stood at Rs 173.6 crore.
Operating profit margin dropped 450 basis points year-on-year to 2.2 percent in the quarter ending December 31, 2012. Even revenues went down over 20 percent YoY to Rs 10,630 crore during the quarter.
Sales of commercial and passenger vehicles declined over 11 percent to 2,05,291 units for the quarter ended December 31, impacted by weak macro-economic environment and competitive pressures on pricing.
Jaguar Land Rover (JLR)
Its UK subsidiary JLR's net profit plunged 24.7 percent year-on-year to 296 million pound whereas revenues increased marginally to 3.8 billion pound compared to 3.74 billion pound in a year ago period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 16.6 percent YoY to 533 million pound while operating profit margin of JLR reduced to 14 percent in the December quarter as against 20.1 percent in the corresponding quarter of last fiscal.
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