 Online edition of India's National Newspaper Thursday, Jul 31, 2008 ePaper | Mobile/PDA Version |
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COST PRESSURE: Ravi Kant (left), Managing Director, Tata Motors, and P. M. Telang, Executive Director-Commercial Vehicles, addressing a press conference in Mumbai on Wednesday. MUMBAI: The abnormal input material cost increases and generally inflationary trends have taken a toll on Tata Motors performance in the first quarter of 2008-09 when it reported a 30 per cent drop in net profit at Rs. 326.11 crore against Rs. 466.76 crore in the year-ago period. The profit for the quarter included a notional valuation loss of Rs. 199.88 crore (compared to a gain of Rs. 205.89 crore in the corresponding quarter last year) reflecting volatility in foreign exchange rates impacting the company’s long-term funds raised through the issue of foreign currency convertible instruments. The company reported a 14.4 per cent increase in revenues (net of excise) at Rs. 6,928.44 core on a standalone basis for the quarter as compared to Rs. 6,056.82 crore in the corresponding quarter last year. Other income of Rs. 315.61 crore (Rs. 88.29 crore) includes profit on divestment of stake in Tata AutoComp Systems which realised Rs. 113.66 crore. As a result, the company’s stake stands reduced from 50 per cent to 26 per cent. Sales volume during the quarter (including exports) at 1.33 lakh vehicles grew by 3.9 per cent over 1.28 lakh vehicles in the corresponding period last year. Domestic sales of commercial vehicles increased by 15.9 per cent to 71,049 units, while that of passenger vehicles (including Fiat) remained flat at 52,450 units. Tata Motors acquired the business of Jaguar Land Rover on June 2, 2008, and the financial statements of the business are still under compilation.
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