Rupee fall pushes Tata group out of $100-bn club
Tata Group grew by over 10% in the financial year 2012-13. Ironically, though, its turnover in dollar terms has dipped below the $100-billion mark.business Updated: Nov 24, 2013 23:39 IST
Tata Group grew by over 10% in the financial year 2012-13. Ironically, though, its turnover in dollar terms has dipped below the $100-billion mark.
Tatas had become India’s first and only business house to cross the turnover of $100 billion.
The group, the country’s first business house to record an annual turnover of more than Rs. 5 lakh crore, saw revenue rise by 10.8% to Rs. 5,27,047 crore in 2012-13, from Rs. 4,75,721 crore in the previous year.
Its total number of employees rose by nearly 88,000 persons to over 540,000.
What took the sheen of all these figures was the 14% dip in the value of the rupee against the US dollar in 2012-13 --- leaving the group’s turnover down by 3% for the financial year.
In dollar terms, Tatas’ total revenue was $96.79 billion in 2012-13, down 3.3% from $100.09 billion in the previous year, according to latest financial information published by the group.
The group’s international revenue continues to account for more than half of total worldwide turnover and rose by 2.7% to $60.7 billion in 2012-13. Besides, its net forex earnings almost doubled to $3.05 billion in 2012-13, from $1.59 billion in the preceding fiscal.
Revenue in 2011-12 had risen by about 20% from $83.3 billion in 2010-11. In rupee terms, the revenue growth was higher at 25.3% in 2011-12 and fall in profit was lower at 4.5%.
The group has used an exchange rate of Rs. 54.45 per dollar for 2012-13, and Rs. 47.53 for the previous year. Revenue figures are consolidated.