Tata Motors reports Rs329 crore consolidated post-tax loss
31 Aug 2009
Tata Motors today reported a consolidated after-tax loss of Rs329 crore for the first quarter of fiscal 2009-10 against a consolidated after-tax profit of Rs719.69 crore in 2008-09.
The company's consolidated gross revenue also stood lower at Rs16,953.63 crore for the quarter ended 30 June 2009, pulled down by losses on account of its acquisition of Jaguar Land Rover in June 2008.
The consolidated figures are not comparable to the corresponding quarter of 2008-09, as those did not reflect the financial results of its UK acquisition, Jaguar and Land Rover, Tata Motors said in a press release.
Consolidated gross revenue of Tata Motors, including that of Jaguar-Land Rover, from 2 June 2008 to 31 June 2009 stood at Rs15,496.28 crore.
Consolidated operating profit stood at Rs595.93 crore, while the cash profit was Rs333.48 crore. This, however, was offset by a rise in interest cost and higher depreciation resulting in an after-tax loss of Rs328.78 crore for the quarter, the company said in a release.
Tata Motors said its increased borrowing to support investments and new product development caused an increase in depreciation and interest costs, which offset the operating profit and resulted in a consolidated loss after tax (post minority interest and profit in respect of investments in associate companies) of Rs328.78 crore for the quarter ended 30 June 2009.