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Tata Motors posts 
2,223 crore Q2 profit
Wednesday, 10 November 2010, 06:08 IST
Mumbai: Tata Motors said Tuesday its second quarter profit increased to 
2,223 crore as compared to just 22 crore in the same quarter last year, on higher sales and turnaround in Jaguar Land Rover business.
The company's total revenue surged 36.5 percent to 28,782 crore for the quarter ended Sep 30, 2010 from 21,088 crore in the corresponding quarter of previous year.
The Jaguar Land Rover business continued to show strong profitability, with healthy volumes in the second quarter, reporting a profit after tax of 1,715 crore, Tata Motors said in a statement here.
"Both wholesale and retail volumes improved favourably as compared to the corresponding quarter in the prior year on the back of improved market conditions," it said.
The company has made a significant turnaround in the last one year. For the first six months of current fiscal Tata Motors has posted 4,211.72 crore profit as against 307 crore loss in the corresponding period last year.
The company's South Korean commercial vehicles subsidiary Tata Daewoo Commercial Vehicles Co. Ltd, however, reported a decline of 8.5 percent in its net revenues, due to lower exports.
The financial subsidiary of the automotive major Tata Motors Finance Ltd.'s net profit increased to 45 crore from 21 crore.
On a standalone basis, Tata Motor's net profit for the second quarter of the current fiscal year decline by 40.60 percent and stood at 433 crore as against 729 crore in the like period of last year.
"Cost pressure, supply chain bottlenecks resulted in a dip in the operating margins to 9.7 percent," the statement said.
Last year, the company made an additional profit of 370 crore by selling of its investments on which it was not liable to pay tax.
"Good macroeconomic conditions, good monsoons and good finance availability led to robust domestic demand during the quarter, resulting in volume growth across all segments," the statement added.
Source: IANS
2,223 crore as compared to just 22 crore in the same quarter last year, on higher sales and turnaround in Jaguar Land Rover business.
The company's total revenue surged 36.5 percent to 28,782 crore for the quarter ended Sep 30, 2010 from 21,088 crore in the corresponding quarter of previous year.
The Jaguar Land Rover business continued to show strong profitability, with healthy volumes in the second quarter, reporting a profit after tax of 1,715 crore, Tata Motors said in a statement here.
"Both wholesale and retail volumes improved favourably as compared to the corresponding quarter in the prior year on the back of improved market conditions," it said.
The company has made a significant turnaround in the last one year. For the first six months of current fiscal Tata Motors has posted 4,211.72 crore profit as against 307 crore loss in the corresponding period last year.
The company's South Korean commercial vehicles subsidiary Tata Daewoo Commercial Vehicles Co. Ltd, however, reported a decline of 8.5 percent in its net revenues, due to lower exports.
The financial subsidiary of the automotive major Tata Motors Finance Ltd.'s net profit increased to 45 crore from 21 crore.
On a standalone basis, Tata Motor's net profit for the second quarter of the current fiscal year decline by 40.60 percent and stood at 433 crore as against 729 crore in the like period of last year.
"Cost pressure, supply chain bottlenecks resulted in a dip in the operating margins to 9.7 percent," the statement said.
Last year, the company made an additional profit of 370 crore by selling of its investments on which it was not liable to pay tax.
"Good macroeconomic conditions, good monsoons and good finance availability led to robust domestic demand during the quarter, resulting in volume growth across all segments," the statement added.
Source: IANS