Tata Motors , country's largest commercial vehicle manufacturer, has reported a consolidated net profit of Rs 1,880 crore in the second quarter of FY12, a fall of 15.32% as compared to Rs 2,220 crore in the corresponding quarter of last fiscal. This was due to the consolidated forex loss of Rs 440 crore versus gain of Rs 130 crore during the same period.
Consolidated net sales shot up 27% to Rs 35,940 crore from Rs 28,310 crore year-on-year.
Topline as well as bottomline numbers were below expectations; CNBC-TV18 poll saw revenues at Rs 34,506 crore and profit after tax at Rs 2,046 crore, respectively.
EBITDA margin grew at 7.2% in the July-September quarter of FY12 versus 10% in a year ago period. Jaguar Land Rover's (JLR) operating margin stood at 14.9% in the quarter ended September 2011.
In a press conference, the management said JLR's sales shot up 13.8% to 130,090 units in the second quarter (YoY). "We raised CV prices by 1% in Q2."
The company further said low volume and high marketing spend hit passenger car operations while JLR profits got hit by higher tax provisions. HCV demand was hit in the second quarter due to ban on mining.
Source: www.moneycontrol.com
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