Tata Motors vrooms to profit with Rs 2,571 cr in FY10
The country's largest auto company Tata Motors today reported a consolidated net profit of Rs 2,571.06 crore during 2009-10 against Rs 2,505.25 crore loss previous fiscal, riding on good sales growth driven by new launches, cost-efficiency and price increase across models.mumbai Updated: May 27, 2010 17:38 IST
The country's largest auto company Tata Motors today reported a consolidated net profit of Rs 2,571.06 crore during 2009-10 against Rs 2,505.25 crore loss previous fiscal, riding on good sales growth driven by new launches, cost-efficiency and price increase across models.
The company also reported a consolidated total income of Rs 92,519.25 crore during the fiscal against a consolidated total income of Rs 70,880.95 crore in 2008-09, the company said in a filing to the BSE today.
The company added that the consolidated financial performance of the two fiscals are not comparable due the acquisition of the British marquees Jaguar and Land Rover in June 2008.
"Volume recovery led by introduction of new products and strong continued growth in the existing portfolio, continued focus on cost efficiencies and price increases undertaken by the company to combat strengthening commodity prices aided the company to grow realisations," the statement said.
It also said the last fiscal witnessed strong volume growth in both Tata Motors and its British subsidiary Jaguar Land Rover(JLR).
The auto giant reported total sales of 6,67,971 units during 2009-10. It sold 5,06,421 units in the previous fiscal.
Commercial vehicle sales in the domestic market were at 3,73,842 units last fiscal against 2,65,373 units in 2008-09, the statement said. In the passenger cars and utility vehicles segment, the company reported an annual sale of 2,60,020 units in the year ended March 2010 over 2,07,512 units in 2008-09.
Exports during the fiscal was 34,108 units over the 33,536 units it shipped to overseas markets in the previous fiscal, Tata Motors added.
Regarding its JLR brands, the company said the British subsidiary had turned profitable during the last fiscal with a profit before tax of 32 million pound.
"During the year, the company put in place a long-term financing plan, including the draw-down of 340 million pound sterling of EIB loan and syndication of inventory financing (for JLR)," it added.
The two brands sold 1,93,982 units during 2009-10. They had reported sales of 1,67,348 units in the 10 months period between June 2008, when Tata Motors acquired them, and March 2009, the statement said.