Consolidated Net Revenue grows by 27% in Q2 FY 2011-12 - Consolidated Profit Rs. 1,877 crores (Rs. 2,223 crores in Q2 FY 2010-11)

Consolidated Financial Results for the Quarter and Half year ended September 30, 2011 End Quote

(1888PressRelease) November 22, 2011 - Tata Motors today reported consolidated revenues (net of excise) of Rs.36,198 crores for the quarter ended September 30, 2011, posting a growth of 26.9% over Rs.28,519 crores in the corresponding quarter of the previous year, on the back of growth in volumes, improved product and market mix. The Consolidated Profit before Exceptional item and Tax was Rs 2,709 crores, posting a growth of 13.1 % over Rs 2,395 crores in the corresponding quarter of the previous year. The Consolidated Profit before Tax (PBT) for the quarter was Rs.2,270 crores, compared to Rs.2,523 crores for the corresponding quarter of the previous year after a swing of Rs.566 crores in the quarter on account of Exceptional item (Exceptional item of loss of` Rs 439 crores in Q2 FY12 vs gain of Rs 127 crores in Q2 FY11). The Consolidated Profit (After Tax and post minority interest and profit in respect of Associate companies) for the quarter was Rs.1,877 crores, as compared to Rs.2,223 crores in the corresponding quarter of the previous year.

The consolidated revenue (net of excise) for the Half year ended September 30, 2011, was Rs.69,486 crores posting a growth of 25.4% over Rs.55,399 crores in the first half last year. The Consolidated Profit before Tax (PBT) in the first half year was Rs.4,616 crores, compared to Rs. 4,798 crores for the corresponding period of the previous year. The Consolidated Profit (After Tax and post minority interest and profit in respect of Associate companies) for the first half year was Rs.3,877 crores, as compared to Rs.4,212 crores in the corresponding period of the previous year.

Tata Motors Stand-alone Financial Results for the Quarter and Half year ended September 30, 2011

Tata Motors' gross revenue for the quarter ended September 30, 2011, was Rs.14,097 crores, posting a growth of 15.4% over Rs.12,220 crores in the corresponding quarter of the previous year.

Revenue (net of excise) of Rs.12,954 crores represented a growth of 15.2% over Rs.11,249 crores in the corresponding quarter of the previous year. Lower volumes in the passenger car business, higher marketing spends and overall cost pressures, including commodity price increase, resulted in a reduction in the operating margins to 7.2%, and an Operating Profit (EBITDA) of Rs. 933 crores in the quarter, declining by 17.2% over Rs.1,127 crores in the corresponding quarter of the previous year.

During the quarter there was a swing of Rs 298 crores of an Exceptional item (Q2 FY12 loss of Rs 294 crores versus a gain of Rs 4 crores in Q2 FY 11) as compared to the same quarter last year on account of re-valuation of foreign currency loans arising from the depreciation of Indian Rupee (INR). After the swing of the Rs 298 crores, the PBT for the quarter is Rs. 37 crores as compared to Rs.537 crores in the corresponding quarter of the previous year. Correspondingly, the PAT for the quarter is Rs.102 crores as compared to Rs.433 crores in the corresponding quarter of the previous year.

The standalone revenues (net of excise) for the Half year ended September 30, 2011 was Rs.24,578 crores posting a growth of 14.4% over Rs. 21,483 crores in the corresponding period of the previous year. The Standalone Profit before Tax (PBT) in H1 FY 2011-12 was Rs. 503 crores, compared to Rs.1,075 crores for the corresponding period of the previous year. The Standalone Profit After Tax for H1 FY 2011-12 was Rs.503 crores, as compared to Rs.828 crores in the corresponding period of the previous year.

Tata Motors' sales (including exports) of commercial and passenger vehicles for H1 FY 2011-12, stood at 4,09,006 units, representing a growth of 2.8% as compared to the corresponding period of the previous year.

In the domestic market, the Company's commercial vehicles sales increased by 15.4% in the H1 FY 2011-12,as compared to the corresponding period of the previous year to 243,312 units. The domestic economy has been facing many macro economic headwinds in recent times with high inflation, increase in interest rates and fuel price hikes. All this resulted in a slowdown in the IIP in Q2 FY12. Inspite of this downtrend, due to wide product portfolio, focused product and market initiatives, our outperformance in the MHCV/ICV truck segment has led to increased market share of 63% in H1 FY 2011-12. Both, ACE family and Pickup trucks demonstrated strong growth leading to market share of 59.7% in the LCV truck segment. The Company's market share in commercial vehicles was 59.5% for H1 FY 2011-12. Passenger vehicles, including Fiat and Jaguar and Land Rover vehicles distributed in India, declined by 16.1% in the domestic market in H1 FY 2011-12, as compared to the corresponding period of the previous year to 134,611 units. Focused initiatives in specific locations, introduction of various schemes for dealers and customers, coupled with product action like best in class fuel efficiency improvements have positively influenced retail sales of Indica Vista, Indigo and Nano. Improvement in retail sales coupled with planned reduction in off-take have resulted in stock reduction at dealerships by more than 50% during H1 FY12. The market share in passenger vehicles stood at 11.6% for H1 FY 2011-12.

Jaguar Land Rover PLC

Jaguar Land Rover sales for H1 FY 2011-12, stood at 130,090 units, representing a growth of 13.8% as compared to the corresponding period of the previous year on the back of better product & market mix with strong growth in China & Russia.

Revenues of GBP 2,928 million represented a growth of 30.3% over GBP 2,247 million in the corresponding quarter of the previous year. Cost pressures and impact of exchange rates resulted in a marginal reduction in the operating margins to 14.9% and an Operating Profit (EBITDA) of GBP 437 million in the quarter, a growth of 17.2% over GBP 372 million in the corresponding quarter of the previous year. The PBT for the quarter is GBP 287 million (GBP 264 million in the corresponding quarter of the previous year) and the PAT for the quarter is GBP 238 million (GBP 243 million in the corresponding quarter of the previous year).

Jaguar has introduced the new 2.2 litre diesel engine in the 2012 model year Jaguar XF which has received positive response in the markets it has been launched. The much awaited Range Rover Evoque, clocked approximately 7,700 wholesale units till September 2011.

Tata Daewoo

Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of Rs.902 crores, and recorded a Profit After Tax of Rs. 3 crores in the quarter ended September 30, 2011.

Tata Motors Finance

Tata Motors Finance Ltd, the Company's captive financing subsidiary, registered net revenues of Rs.471 crores and reported a Profit After Tax of Rs.52 crores in quarter ended September 30, 2011.

The Financial Results for the quarter ended September 30, 2011, are enclosed.

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