A rise in profits at British luxury vehicle unit Jaguar Land Rover was not enough to offset an overall fall in fourth fiscal quarter after tax earnings at parent Tata Motors. Nonetheless, results were ahead of analysts' estimates.

Net profit for the January-March 2013 quarter fell 36.7% year on year to INR39.45bn (GBP466.4m) on revenue up 10% to INR560bn.

A one-off tax gain had contributed to a significantly higher net Q4 profit the year before. Analysts had on average expected a profit of INR28.86bn on revenues of INR518.51bn, according to Thomson Reuters Starmine.

Tata said the results were achieved "despite a weak operating environment in the standalone business which was more than offset by strong demand, growth in volumes, favourable market mix and favourable operating foreign exchange at Jaguar Land Rover (JLR)".

Unit sales (including exports) of commercial and passenger vehicles for the quarter fell 31.1% to 197,056.

"Weak macro-economic environment and competitive pressures on pricing, continued to impact the operations during the quarter," Tata said.

Operating margin was 3.6% versus 9.5% a year ago.

Full year revenue slipped to INR44.8bn compared with INR54.3bn the previous year. Operating margin was 4.8%. Net profit was INR3.02bn compared to INR12.4bn.

JLR sales for the fourth quarter rose 18.7% to a record 116,340 units with Jaguar up almost 50% to 21,163 and Land Rover 13.4% to 95,177 thanks to new model derivatives and engines.

Revenue grew 21.9% to GBP5.05m, operating profit (EBITDA) was up 41.5% to GBP856m and net profit was downt to GBP378m from GBP696m.

Reuters reported that JLR's profit margin rose to 16.9% in the fourth quarter and 15.2% for the full fiscal year. The margin was expected to remain in the range of 14-15% this financial year.

Show the press release

Consolidated Net Revenue grows by 14% to Rs.188,818 crores in FY 2012-13
Consolidated PBT at Rs.13,633 crores

Consolidated Financial Results for the Quarter and Year ended March 31, 2013

Tata Motors today reported Consolidated revenues (net of excise) of Rs.56,002 crores for the quarter ended March 31, 2013, a growth of 10.0% over Rs.50,908 crores for the corresponding quarter of the previous year, despite a weak operating environment in the standalone business which was more than offset by strong demand, growth in volumes, favourable market mix and favourable operating foreign exchange at Jaguar Land Rover (JLR). The Consolidated Profit Before Tax for the quarter was Rs.4,694 crores, as compared to Rs.4,424 crores for the corresponding quarter of the previous year and the Consolidated Profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs.3,945 crores as compared to Rs.6,234 crores for the corresponding quarter of the previous year.

The Consolidated revenue (net of excise) for FY 2012-13, was Rs.1,88,818 crores, posting a growth of 14.0% over Rs.1,65,654 crores for the corresponding period last year. The Consolidated Profit Before Tax for the year was Rs.13,633 crores, compared to Rs.13,534 crores for the corresponding period last year. The Consolidated Profit for the year (after tax and post minority interest and profit in respect of associate companies) was Rs.9,893 crores, compared to Rs.13,517 crores in the corresponding period last year.

During the quarter and year ended March 31, 2012, JLR had accounted credit of GBP 225 million (Rs.1,794 crores) for past income tax losses.

Tata Motors Stand-alone Financial Results for the Quarter and Year ended March 31, 2013

The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2013, stood at 1,97,056 units, a decline of 31.1% as compared to the corresponding period last year. Weak macro-economic environment and competitive pressures on pricing, continued to impact the operations during the quarter. Standalone revenues (net of excise) for the quarter ended March 31, 2013 stood at Rs.11,068 crores, as compared to Rs.16,391 crores for the corresponding quarter of the previous year. The operating margin was 3.6% for the quarter ended March 31, 2013, as compared to 9.5% in a strong quarter; corresponding period last year. Loss Before Tax and Loss After Tax for the quarter ended March 31, 2013 was Rs.485 crores and Rs.312 crores, respectively, against the Profit Before Tax and Profit After Tax of Rs.652 crores and Rs.565 crores, respectively, for the corresponding quarter last year.

The revenues (net of excise) for the for FY 2012-13, were Rs.44,766 crores as compared to Rs.54,307 crores in the corresponding period last year. The Operating margin for the year stood at 4.8%. Profit Before Tax for the year was Rs.175 crores, compared to Rs.1,341 crores for the corresponding period last year. The Profit Before Tax for the period included dividend from Jaguar Land Rover and other subsidiaries amounting to Rs.1,584 crores (Rs.114 crores in the corresponding period last year). The Standalone Profit After Tax for the year was Rs.302 crores, as compared to Rs.1,242 crores in the corresponding period last year.

In the domestic market, the commercial vehicles sales for the year ended March 31, 2013, stood at 5,36,232 units, driven by the LCV segment, and the Company's overall market share in commercial vehicles stood at 59.5% for the year. The passenger vehicles sales, stood at 229,325 units for the year ended March 31, 2013, and the overall market share stood at 8.9%.

Jaguar Land Rover Automotive plc - (figures as per IFRS)

JLR wholesales for the quarter ended March 31, 2013, grew 18.7% over corresponding period last year to 116,340 units, its strongest ever quarterly global sales performance reflective of growth across its markets. Of this, the Jaguar volumes for the period stood at 21,163 units (growth of 49.9% over corresponding period last year) and Land Rover volumes at 95,177 units (growth of 13.4% over corresponding period last year). Strong growth follows the introduction of new products, smaller engine options, and new all-wheel drive in XF and XJ.

Revenues for the quarter ended March 31, 2013, of GBP 5,053 million represented a growth of 21.9% over GBP 4,144 million during the corresponding quarter last year. Operating profit (EBITDA) at GBP 856 million in the quarter, represented a growth of 41.5% over GBP 605 million during the corresponding quarter last year. The Profit Before Tax for the quarter ended March 31, 2013, was GBP 508 million (GBP 530 million in the corresponding quarter last year).. Profit After Tax for the quarter is GBP 378 million (GBP 696 million in the corresponding quarter last year).

The revenues for the year ended March 31, 2013, were GBP 15,784 million as compared to GBP 13,512 million in the corresponding period last year. The Operating profit and margin for FY 2012-13, stood at GBP 2,402 million and 15.2% respectively reflecting volume increase, favourable exchange rate, richer product mix supported by launch of new Range Rover, richer market mix supported by continued growth in China Higher EBITDA is partially offset by increase in Depreciation and amortisation and exchange on revaluation of loans, resulting in a lower growth in Profit Before Tax .Profit Before Tax for year ended March 31, 2013, were GBP 1,675 million(GBP 1,507 million for the corresponding period last year). Profit Before Tax is offset by a higher tax charge, which is a consequence of the recognition of a deferred tax asset in the quarter ended March 31, 2012. Profit After Tax for the year ended March 31, 2013, were GBP 1,215 million, (GBP 1,481 million for the corresponding period last year).

JLR issued new 10 year bond of USD 500 million at 5.625% p.a. during January 2013.

TML Holdings Pte. Ltd, a wholly owned subsidiary of Tata Motors Limited, and parent company of Jaguar Land Rover Automotive PLC issued 5 year Senior notes of SGD 350 million at 4.25% during May 2013.

Tata Daewoo - (figures as per Korean GAAP)

Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 824 billion and recorded a Loss After Tax of KRW 9 billion in the year ended March 31, 2013 after considering a one time provision under Korean GAAP in consequence of a court judgment which is being contested.

Tata Motors Finance

Tata Motors Finance Ltd, the Company's captive financing subsidiary, registered net revenue from operations of Rs.2,890 crores and reported a Profit After Tax of Rs.309 crores for the year ended March 31, 2013 ( a growth of 29 % over the corresponding period last year at Rs 240 crores)

Dividend

Considering the overall performance and results and also having regard to the continued weak operating environment in the standalone business, the Board of Directors has taken a prudent view and recommended a lower dividend of Rs. 2/- per Ordinary Share of Rs. 2/- each and Rs.2.10 per 'A' Ordinary Shares of Rs.2/- each for FY 2012-13 (previous year Rs.4/- per Ordinary Share of Rs.2/- each and Rs.4.10 per 'A' Ordinary Shares of Rs.2/- each), subject to approval of the Shareholders. Tax on dividend will be borne by the Company.

Original source: http://www.tatamotors.com/media/press-releases.php?id=860