Tata Motors to pay 40 per cent interim
By Our Corporate Bureau | 23 Jan 2004
Mumbai: Tata Motors Ltd on Thursday reported a 178.53-per cent rise in profit after tax to Rs 210.88 crore for the third quarter ended December 31, 2003, as against the previous corresponding Rs 75.71 crore.
Net sales/income from operations was up 52.49 per cent to Rs 3,944.59 crore (Rs 2,586.68 crore for the year ago period). Export turnover (at f.o.b value) was Rs 320.10 crore (Rs 76.01 crore).
The board has announced a 40 per cent (Rs 4 per share) interim dividend, described as Tata Motors' response to shareholders' support particularly during difficult times with no dividend.
On the BSE, Tata Motors' results seemed washed out in the day's market slide; its scrip closed lower by Rs 41.65 at Rs 416.80.
Domestic commercial vehicles (CV) sales for the quarter touched 40,485 units (27,692) while sales of passenger cars and utility vehicles were at 30,244 units (21,903) with exports at 7,651 units (1,553).
Asked about fresh speculation on steel price revision, Mr Praveen Kadle, Executive Director, Tata Motors, said the company, which recently hiked prices, would keep a watch on the situation but passing on the costs would depend on the market. Despite prolonged input cost increase last year, the third quarter earnings before income, depreciation, tax, amortisation (EBIDTA) margin improved to 14.4 per cent (13.1 per cent).