Tata Motors on Friday reported a consolidated net profit of Rs 848 crore for the quarter ended September 30, riding on strong sales of its British arm Jaguar Land Rover across various overseas markets. The automaker had reported a loss of Rs 1,740 crore for the corresponding quarter of the previous fiscal.
Consolidated revenues for the quarter increased 6.94% y-o-y to Rs 67,000 crore owing to the good performance by JLR and a recovery in the volumes of the passenger vehicles business on a standalone business.
At an operating level, the EBITDA decreased by 3.64% y-o-y to Rs 6,281.57 crore on account of more other expenses and increase in cost of materials.
On a standalone basis, the net loss of company widened by 118% y-o-y to Rs 631 crore compared to Rs 289 crore during the corresponding quarter in the last fiscal year as a consequence of a sharp fall in sales of heavy and medium commercial vehicles.
Revenues of the standalone business (including joint operations) for the quarter decreased by 3.64% y-o-y to Rs11,406 crore, as compared to Rs 11,794 crore for the year-ago period.
The operating profit (EBITDA) of the standalone business for the quarter stood at Rs 376 crore with an EBITDA margin of 3.6%.
Jaguar and Land Rover registered a profit after tax of 244 million pounds for the quarter when compared to a loss of 92 million pounds in the corresponding quarter last year. The corresponding quarter of the last year included an exceptional items of Rs 2,493 crore on account of vehicles being damaged at Tianjin Port explosion.
Revenues for the quarter increased 23.22% y-o-y to 5,953 million pounds, compared to 4,831million pounds for the corresponding quarter last year.
The operating profit (EBITDA) for the quarter increased by 18.49% y-o-y to 615 million pounds, compared to 589 million pounds for the corresponding quarter last year.
Total retail sales, including the China JV, in the second quarter were 142,459 units, up 29.3%, primarily reflecting strong sales of Discovery, Discovery Sport, Evoque, XE and the new F-PACE.