Tata Motors drops on weak Q2 results

Tata Motors dropped 0.64% to Rs 535.80 at 10:12 IST on BSE after consolidated net profit declined 7.1% to Rs 3291 crore on 6.5% growth in revenue (net of excise) to Rs 60564 crore in Q2 September 2014 over Q2 September 2013.

The result was announced after market hours on Friday, 14 November 2014.

Meanwhile, the S&P BSE Sensex was down 16.80 points or 0.06% at 28,028.84.

On BSE, so far 1.61 lakh shares were traded in the counter as against average daily volume of 3.93 lakh shares in the past one quarter.

The stock hit a high of Rs 539.50 and a low of Rs 518.80 so far during the day. The stock had hit a record high of Rs 544.50 on 23 September 2014. The stock had hit a 52-week low of Rs 331.05 on 4 February 2014.

The large-cap auto maker has an equity capital of Rs 547.34 crore. Face value per share is Rs 2.

Tata Motors said that revenue rose as continuing weak operating environment in the standalone business was more than offset by increase in wholesale volumes, richer product mix and market mix at its British luxury care unit Jaguar Land Rover (JLR).

JLR's net profit declined 11.24% to GBP 450 million on 4.2% growth in revenue at GBP 4808 million in Q2 September 2014 over Q2 September 2013. JLR's profit before tax (PBT) fell 8.8% to GBP 609 million in Q2 September 2014 over Q2 September 2013. The decline in PBT was due to unfavourable revaluation of foreign currency debt and unrealised hedges and higher depreciation and amortisation, Tata Motors said. JLR's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 15.3% to GBP 933 million in Q2 September 2014 over Q2 September 2013. Continued strong revenue and operating performance were driven by wholesale volume increase, richer product mix supported by the ongoing success of Ranger Rover Sport, Range Rover and Jaguar F-TYPE, robust market mix with strong sales in emerging markets, Tata Motors said in a statement.

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