TataMotors Quarter(Q4) Result Update:

TataMotors disappointed street on Tuesday with the fourth quarter profit plunging 56.2 percent year-on-year to Rs 1,716.5 crore, impacted by higher depreciation and marked-to-market un-matured hedges. "Consolidated profit before tax for the quarter decreased to Rs 2,771 crore from Rs 5,053 crore for the corresponding quarter last year due to higher depreciation and amortization and adverse mark to market of UN-matured hedges not eligible for hedge accounting, 

Tata Motors reported consolidated revenues (net of excise) of Rs.67,576 crores for the quarter ended March 31, 2015, a growth of 3.5% over Rs.65,317 crores for the corresponding quarter last year, due to increase in wholesale volumes and  richer product mix both in the standalone business and Jaguar Land Rover (JLR). The Consolidated Profit before tax for the quarter stood at Rs.2,771 crores, against Rs.5,053 crores for the corresponding quarter last year, decreased due to higher depreciation and amortization and adverse mark to market of un-matured  hedges not eligible for hedge accounting. The Consolidated Profit after tax for the quarter stood at Rs.1,717 crores, against Rs.3,918 cores for the corresponding quarter last year.


The consolidated revenue (net of excise) for the year ended March 31, 2015, was Rs.2,62,796 crores posting a growth of 12.9% over Rs.2,32,834 crores for the corresponding period last year. The Consolidated Profit before tax for the year ended March 31, 2015 stood at Rs.21,703 crores, against Rs.18,869 crores for the corresponding period last year. The Consolidated Profit after tax (post minority interest and profit / loss in respect of associate companies) for the year ended March 31, 2015 stood at Rs.13,986 crores, against Rs.13,991 crores for the corresponding period last year.
In Passenger vehicles, ZEST and the newly launched BOLT, continued to receive an encouraging response from the customers. These led to the passenger vehicles segment of the company showing a growth of 19.1%  in Q4 FY 2014-15 with car segment growth of 33.0% Y-o-Y in Q4 FY 2014-15. Company expects to continue its volume growth with full year of Zest and Bolt, recently launched new GenX Nano and other new and exciting products that will be launched in the coming time period under the Company's Horizonext strategy.

The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2015, stood at 1,39,053 units, up by 5.1%, as compared to the corresponding quarter last year. The revenues (net of excise) for the quarter ended March 31, 2015 stood at Rs.10,784 crores, an increase of 26.2%, as compared to Rs.8,545 crores for the corresponding quarter last year. EBITDA  for the quarter stood at Rs. 299 crores, with a margin of 2.8% against the negative EBITDA of Rs. 528 crores and negative margin of 6.2% for the corresponding quarter last year.  Loss before and after tax for the quarter ended March 31, 2015 was Rs.1,156 crores and Rs.1,164 crores, respectively, against Rs.1,417 crores and Rs.817 crores, respectively, for the corresponding quarter last year.

The revenues (net of excise) for the year ended March 31, 2015, stood at Rs.36,295 crores, as compared to Rs.34,288 crores in the corresponding period last year, an increase of 5.9%. Loss before and after tax for year ended March 31, 2015 was Rs.3,975 crores and Rs.4,739 crores, respectively, against the Loss before tax of Rs.1,026 crores and Profit after tax of Rs.335 crores, respectively, for the corresponding period last year.

Jaguar Land Rover wholesales and retails for the year ended March 31, 2015 were 470,523 units and 462,209 units respectively (129,205 units and 124,307 units respectively for Q4 FY 15).
Revenues for the quarter ended March 31, 2015 of GBP 5,826 million, up 8.9% over GBP 5,349 million in the corresponding quarter last year. Operating profit (EBITDA) for the quarter ended March 31, 2015, stood at GBP 1,016 million (with operating margin of 17.4%), representing a growth of 10.4% over GBP 920 million in the corresponding quarter last year. Profit before tax of GBP 396 million for the quarter ended March 31, 2015 was down 31.3% over the corresponding quarter last year (GBP 576 million in the corresponding quarter last year) due to higher depreciation and amortization and unfavourable revaluation of foreign currency debt and unrealised hedges that are not eligible for hedge accounting treatment. Profit after tax for the quarter ended March 31, 2015 stood at GBP 302 million .

Considering the continued weak operating environment in the standalone business, and in view of the losses for the year no dividend is permitted to be paid to the Members for FY 2014-15, as per the Companies (Declaration and Payment of Dividend) Rules, 2014.