Tata Motors Q4 net surges three-fold to Rs 5,177 cr
Tata Motors on Monday posted three-fold rise in its consolidated net profit at Rs 5,177.06 crore for the fourth quarter ended March 31, driven by strong performance of its British arm JLR and robust
volume growth of its heavy and medium commercial vehicles.
The city-based company had posted a consolidated net profit of Rs 1,716.5 crore in the same period last fiscal, Tata Motors said in a BSE filing. Consolidated net sales in the fourth quarter of current fiscal were up 18.76 per cent at Rs 79,926.12 crore, as against Rs 67,297.99 crore in the year-ago period, it added.
Commenting on the performance, the company said it had stronger operating performance in both standalone as well as Jaguar Land Rover business and lower net finance expenses. The gains were however partly offset by higher depreciation and amortisation expenses, adverse revaluation of EUR payables and one-time reserves and charges of Rs 1,580 crore for the industry-wide recall in the US of potentially faulty airbags supplied by Takata, it added. On a standalone basis, the company reported a net profit of Rs 464.99 crore for the fourth quarter. It had posted a net loss of Rs 1,164.25 crore in the year-ago quarter. Standalone net sales were at Rs 12,459.51 crore against Rs 10,676.19 crore in the year-ago period.
The company posted a net profit of Rs 234.23 crore on standalone basis for the year ended March 31. It had reported net loss of Rs 4,738.95 crore in 2014-15. Net sales rose 16.87 per cent to Rs 41,948 crore in FY2016, against Rs 35,890.5 crore in FY2015. Jaguar Land Rover posted profit after tax of 472 million pounds for the quarter as compared with 302 million pound, up 56.29 per cent as compared to same period of previous fiscal.
Its revenues for the fourth quarter stood at 6,594 million pounds, compared to 5,826 million pounds in the same period year-ago. JLR wholesales (excluding China JV) for the quarter were 149,895 units, up 19.8 per cent, it said, adding China JV wholesales for the quarter were 12,532 units.
JLR lines up £3.75 bn for new products, capacity expansion
Tata Motors-owned Jaguar Land Rover plans to invest around 3.75 billion pounds during the current fiscal on expanding production capacity, new product launches and enhancing technologies.
"The company plans to invest in the region of 3.75 billion during fiscal 2016-17 to support continued, sustainable, profitable growth in the future," Jaguar Land Rover (JLR) said in a statement.
The investment will go into expansion of global production capacity, new technologies and new vehicles, such as the Jaguar F-PACE and the Range Rover Evoque Convertible that will unleash the potential of both brands in the future, it added.