For the quarter ending Dec 2021 ,Consolidated net sales (including other operating income) of Tata Motors has declined 4.53% to Rs 72229.29 crore compared to quarter ended Dec 2020.? Sales of Automotive and related activity segment has gone up 45.03% to Rs 22,320.93 crore (accounting for 30.78% of total sales).??Sales of Others segment has gone up 56.33% to Rs 1,114.15 crore (accounting for 1.54% of total sales).??Sales of vechicle financing segment has gone down 3.12% to Rs 1,181.62 crore (accounting for 1.63% of total sales).??Sales of Jaguar and Land Rover segment has gone down 18.26% to Rs 47,891.71 crore (accounting for 66.05% of total sales).??Inter-segment sales rose Rs 257.20 crore to Rs 279.12 crore.??
Profit before interest, tax and other unallocable items (PBIT) has slumped 90.25% to Rs 505.81 crore.??PBIT of Others segment rose 106.71% to Rs 198.69 crore (accounting for 39.28% of total PBIT).??PBIT of Tata and Other brands vehicle reported loss of Rs 343.22 crore compared to profit of Rs 83.43 crore.??PBIT of vechicle financing segment fell 554.16% to Rs -49.52 crore (accounting for -9.79% of total PBIT).??PBIT of Jaguar and Land Rover segment fell 86.04% to Rs 699.86 crore (accounting for 138.36% of total PBIT).??
PBIT margin of Others segment rose from 13.49% to 17.83%.??PBIT margin of vechicle financing segment fell from negative 0.62% to negative 4.19%.??PBIT margin of Jaguar and Land Rover segment fell from 8.56% to 1.46%.??Overall PBIT margin fell from 6.83% to 0.70%.??
Operating profit margin has declined from 16.04% to 9.80%, leading to 41.66% decline in operating profit to Rs 7,078.02 crore.??Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.06% to 57.47%. ??Purchase of finished goods cost rose from 4.73% to 6.67%. ??Employee cost increased from 9.87% to 10.48%. ??Other expenses rose from 10.50% to 15.68%. ??Other direct service cost rose from 1.63% to 3.14%. ??Preoperation capitalised expenses rose from 4.26% to 4.74%. ??
Other income fell 1.32% to Rs 702.57 crore.??PBIDT fell 39.43% to Rs 7780.59 crore.??Provision for interest rose 12.93% to Rs 2400.74 crore.??
PBDT fell 49.81% to Rs 5379.85 crore.??Provision for depreciation fell 0.83% to Rs 6078.13 crore.??
Profit before tax reported loss of Rs 698.28 crore compared to profit of Rs 4,590.02 crore.??Share of profit/loss was 59.79% higher at Rs -112.88 crore.??Provision for tax was expense of Rs 726.05 crore, compared to Rs 945.18 crore.??Effective tax rate was negative 100.14% compared to 24.32%.
Minority interest increased 85.81% to Rs 65.09 crore.??
Promoters stake was 46.40% as of 31 December 2021 ,compared to 42.39% as of 31 December 2020 .??Promoters pledged stake was 1.82% as of 31 December 2021 ,compared to 3.95% as of 31 December 2020 .?
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Tata Motors has increased 24.10% to Rs 200014.56 crore.??Sales of Automotive and related activity segment has gone up 89.11% to Rs 54,912.21 crore (accounting for 27.34% of total sales).??Sales of Others segment has gone up 49.04% to Rs 2,822.00 crore (accounting for 1.41% of total sales).??Sales of vechicle financing segment has gone up 7.32% to Rs 3,499.54 crore (accounting for 1.74% of total sales).??Sales of Jaguar and Land Rover segment has gone up 9.34% to Rs 1,39,602.21 crore (accounting for 69.51% of total sales).??Inter-segment sales rose Rs 706.71 crore to Rs 821.40 crore.??
Profit before interest, tax and other unallocable items (PBIT) reported loss of Rs -2,984.66 crore compared to loss / profit of Rs. -353.72 Cr.PBIT of Others segment rose 125.21% to Rs 453.75 crore (accounting for -15.20% of total PBIT).??PBIT of Tata and Other brands vehicle segment rose 46.46% to Rs -1,372.71 crore (accounting for 45.99% of total PBIT).??PBIT of vechicle financing segment fell 144.36% to Rs -212.03 crore (accounting for 7.10% of total PBIT).??PBIT of Jaguar and Land Rover reported loss of Rs 1,853.67 crore compared to profit of Rs 2,095.65 crore.??
PBIT margin of Others segment rose from 10.64% to 16.08%.??PBIT margin of vechicle financing segment fell from negative 2.66% to negative 6.06%.??PBIT margin of Jaguar and Land Rover segment fell from 1.64% to 1.33%.??Overall PBIT margin fell from 0.22% to -1.49%.??
Operating profit margin has declined from 11.74% to 8.22%, leading to 13.09% decline in operating profit to Rs 16,437.30 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 56.62% to 57.54%. ??Purchase of finished goods cost rose from 5.36% to 6.63%. ??Employee cost decreased from 12.49% to 11.60%. ??Other expenses rose from 13.52% to 15.85%. ??Other direct service cost rose from 2.13% to 3.29%. ??Preoperation capitalised expenses fell from 5.90% to 5.34%. ??
Other income rose 10.21% to Rs 2151.08 crore.??PBIDT fell 10.91% to Rs 18588.38 crore.??Provision for interest rose 16.45% to Rs 6931.34 crore.??
PBDT fell 21.83% to Rs 11657.04 crore.??Provision for depreciation rose 6.20% to Rs 18403.58 crore.??
Profit before tax down 179.19% to Rs -6,746.54 crore.??Share of profit/loss was 40.44% higher at Rs -181.33 crore.??Provision for tax was expense of Rs 3473.07 crore, compared to Rs 2674.28 crore.??Effective tax rate was negative 50.75% compared to negative 85.29%.
Minority interest increased 153.71% to Rs 91.92 crore.??Net profit attributable to owners of the company decreased 78.05% to Rs -10,408.63 crore.??
Promoters stake was 46.40% as of 31 December 2021 ,compared to 42.39% as of 31 December 2020 .??Promoters pledged stake was 1.82% as of 31 December 2021 ,compared to 3.95% as of 31 December 2020 .??
Full year results analysis.
Net sales (including other operating income) of Tata Motors has declined 4.32% to Rs 249794.75 crore.??Sales of Automotive and related activity segment has gone down 80.72% to Rs 49,993.14 crore (accounting for 19.93% of total sales).??Sales of Others segment has gone down 14.26% to Rs 2,612.46 crore (accounting for 1.04% of total sales).??Inter-segment sales came down from Rs 1,270.73 crore to Rs 998.73 crore.??
PBIT of Others segment fell 16.44% to Rs 319.47 crore (accounting for 5.32% of total PBIT).??
PBIT margin of Others segment fell from 12.55% to 12.23%.??Overall PBIT margin rose from 1.04% to 2.40%.??
Operating profit margin has jumped from 6.89% to 12.92%, leading to 79.49% rise in operating profit to Rs 32,285.43 crore.??Raw material cost as a % of total sales (net of stock adjustments) decreased from 58.98% to 57.67%. ??Purchase of finished goods cost rose from 4.72% to 5.00%. ??Employee cost decreased from 11.76% to 11.28%. ??Other expenses fell from 17.58% to 12.88%. ??Other direct service cost rose from 1.62% to 2.13%. ??Loss on forex transaction rose from 0.67% to 0.71%. ??Preoperation capitalised expenses fell from 6.76% to 5.24%. ??
Other income fell 11.10% to Rs 2643.19 crore.??PBIDT rose 66.64% to Rs 34928.62 crore.??Provision for interest rose 11.79% to Rs 8097.17 crore.??Loan funds rose to Rs 1,21,001.62 crore as of 31 March 2021 from Rs 1,05,655.27 crore as of 31 March 2020.??Inventories declined from Rs 37,456.88 crore as of 31 March 2020 to Rs 35,088.59 crore as of 31 March 2021.??Sundry debtors were higher at Rs 12,679.08 crore as of 31 March 2021 compared to Rs 11,172.69 crore as of 31 March 2020.??Cash and bank balance rose to Rs 46,792.46 crore as of 31 March 2021 from Rs 33,726.97 crore as of 31 March 2020.??Investments rose to Rs 24,620.28 crore as of 31 March 2021 from Rs 16,308.48 crore as of 31 March 2020 .??
PBDT rose 95.61% to Rs 26831.45 crore.??Provision for depreciation rose 9.91% to Rs 23548.71 crore.??Fixed assets declined from Rs 1,61,952.37 crore as of 31 March 2020 to Rs 1,58,867.82 crore as of 31 March 2021.??Intangible assets increased from Rs 777.06 crore to Rs 803.72 crore.??
Profit before tax reported profit of Rs 3,282.74 crore compared to loss of Rs 7,708.54 crore.??Share of profit/loss was 62.10% higher at Rs -378.96 crore.??Extraordinary items were decreased to Rs -13,757.02 crore.??Provision for tax was expense of Rs 2541.86 crore, compared to Rs 395.25 crore.??Effective tax rate was negative 23.42% compared to negative 3.41%.
Minority interest decreased 41.13% to Rs 56.29 crore.??Net profit attributable to owners of the company decreased 11.44% to Rs -13,451.39 crore.??
Equity capital increased from Rs 719.54 crore as of 31 March 2020 to Rs 765.81 crore as of 31 March 2021.??Per share face Value remained same at Rs 2.00.??
Promoters stake was 46.41% as of 31 March 2021 ,compared to 42.39% as of 31 March 2020 .??Promoters pledged stake was 1.82% as of 31 March 2021 ,compared to 3.95% as of 31 March 2020 .??
Cash flow from operating activities increased to Rs 29,000.51 crore for year ended March 2021 from Rs 26,632.94 crore for year ended March 2020.??Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 20,205.62 crore, compared to Rs 29,702.03 crore during the year ended March 2020.?
Other highlights
In Q3 FY22, JLR Revenue went down 21.2% compared to Q3 FY21. CV revenue up 28.7% and PV revenue went up 72.3% on YoY basis.
JLR Sales remain constrained by chip shortages with retail sales of 80,126 vehicles in Q3 FY22, down 37.6% over Q3 FY21. The chip supply situation is gradually improving with production volumes of 72,184 units up 41% over Q2 FY22 and wholesales of 69,182 units up 8% on Q2 FY22.
The mix of electrified retail sales (BEV, PHEV and MHEV) increased to 69% in Q3 FY22 compared to 53% in Q3 FY21.
The semiconductor shortage is expected to continue through 2022 but is expected to gradually improve as capacity within the supply base increases, while the Company is also engaging with first-tier suppliers and directly with the chip manufacturers to secure supply longer-term.
EV sales witnessed a new peak of 5,592 units in Q3 FY22.
In Q3 FY22, Companys Order book hits new record of 155,000 units up 30,000 units from Q2 FY22, reflecting strong demand for the New Range Rover.
Management Commentary: Thierry Bollor?, Jaguar Land Rovers Chief Executive Officer, said: ?Whilst semiconductor supplies have continued to constrain sales this quarter, we continue to see very strong demand for our products underlining the desirability of our vehicles. The global order book is at record levels and has grown an incredible 30,000 unitsfor the New Range Rover before deliveries even start this Quarter. We continue to execute our Reimagine strategy to realise the full potential of the business and create the next generation of the most desirable luxury vehicles for the most discerning of customers.?
Girish Wagh, Executive Director Tata Motors Ltd said: ?The auto industry continued to witness rising demand in most segments even as the supply of semiconductors remained restricted resulting in adverse impact on production. At Tata Motors, our agility in both planning and execution, helped optimize production to deliver another strong quarter with accelerated sales. We continue to increase market share in every segment of commercial vehicles and set several new milestones in passenger vehicles with decade high sales for both the quarter as well as the calendar year 2021. We also recorded the highest ever EV sales during the quarter and sold 10,000 EVs in 9MFY22, crossing new milestones. At the time of publishing results, we have operationalized two subsidiariesTata Motors Passenger Vehicles Ltd. focusing on passenger vehicles powered by IC engines and Tata Passenger Electric Mobility Limited to accelerate the development of the passenger EV business and its enabling ecosystem. Looking ahead, we expect the demand for commercial, passenger and electric vehicles to sustain even as concerns related to supply of semiconductors, high input costs and rising instances of covid keep the overall situation fluid. We will remain agile, address supply bottlenecks proactively, drive our savings program harder, take prudent pricing actions while continuing to make good progress in our future-fit initiatives of transforming customer experience digitally and strengthening our lead in sustainable mobility.?
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