Tata Motors Q2 net up 251%
By Our Corporate Bureau | 30 Oct 2003
Mumbai: Tata Motors has reported a 251.49-per cent rise in profit after tax (PAT) for the second quarter ended 30 September 2003, to Rs 206.68 crore, against the previous corresponding Rs 58.80 crore. Net sales/income from operations was up 46.22 per cent at Rs 3,763.23 crore (Rs 2,573.64 crore). For the half-year, PAT stood at Rs 306.99 crore (Rs 86.83 crore) compared to the corresponding full fiscal 2002-03 figure of Rs 300.11 crore.
"We expect some pressure on operating margins in the coming quarters due to input costs and rise in export volumes. So, a word of caution," says Tata Motors executive director Praveen Kadle.
In its statement, Tata Motors also cited the base effect of last year and negative impact to transporters' profitability should his fleet expansion not meet with freight rate improvement, as reasons to temper outlook.
In the second quarter, other income increased to Rs 22.78 crore (Rs 3.99 crore), while the company's net interest dipped to Rs 25.99 crore (Rs 67.17 crore). Tata Motors prepaid/repaid borrowings worth Rs 560 crore against the earlier target of Rs 527 crore over 2002-04.
Of the Rs 780-crore outgo forecast some time for capital expenditure, product development and strategic investment, the company had incurred Rs 576 crore at the end of the current quarter.