INDIA: Tata swings to profit in second quarter
Author: just-auto.com editorial team | 27 November 2009
India's top vehicle maker, Tata Motors, has posted a net profit for the September fiscal second quarter and said its UK Jaguar Land Rover unit booked an operating profit.
Consolidated net profit of INR217.8m (US$4.7m) compared with a consolidated net loss of INR9.42bn a year ago. The firm reported a net loss from ordinary activities of INR21.5m.
In a statement, Tata said consolidated operating profit was INR15.2bn, an improvement of 106 basis points compared with the corresponding quarter of last year.
"Strong revival of the Indian operations, which reported operating profit of INR 10.7bn for the second quarter of 2009-10, coupled with operating profit at the Jaguar Land Rover business, have aided the company's consolidated performance."
Jaguar Land Rover booked operating profit of GBP41.29m (INR 3.25bn), supported by a 23% growth of wholesale volumes over the previous quarter and aggressive cost reduction efforts.
"The business is witnessing some stability in the external environment with certain key markets showing signs of recovery. The new products launched by the business in the current year... continue to receive strong market reception, the automaker said.
Consolidated gross revenue of INR218bn for the quarter ended 30 September, 2009 compared with gross revenue of INR239bn last year.
In October, Tata Motors reported a standalone net profit for its Indian operations, which have about 60% of the world's fifth-biggest truck and bus market, of 7.29bn rupees.
First half consolidated gross revenues were INR388bn in the first half, compared to INR394bn in the first half last year. The consolidated financial performance of the company is not comparable to 2008-09 on account of the acquisition of Jaguar Land Rover in June 2008.
Consolidated operating profit was INR21.9bn. Tax expenses resulted in a net loss of INR3.07bn.
Sectors: Financial, Vehicle manufacturers
Companies: Tata, Jaguar, Land Rover
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