For the quarter ending June 2022 ,Consolidated net sales (including other operating income) of Tata Motors has increased 8.32% to Rs 71934.66 crore compared to quarter ended june 2021.? Sales of Others segment has gone up 29.01% to Rs 970.99 crore (accounting for 1.34% of total sales).??Inter-segment sales came down from Rs 261.82 crore to Rs -303.00 crore.??Profit before interest, tax and other unallocable items (PBIT) reported loss of Rs -2,798.99 crore compared to loss / profit of Rs. -1,315.58 Cr.PBIT of Others segment rose 64.70% to Rs 176.58 crore (accounting for -6.31% of total PBIT).??PBIT margin of Others segment rose from 14.24% to 18.19%.??Overall PBIT margin fell from 1.97% to -3.87%.??Operating profit margin has declined from 7.89% to 3.35%, leading to 53.98% decline in operating profit to Rs 2,412.73 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 57.68% to 62.03%. ??Purchase of finished goods cost rose from 5.65% to 6.90%. ??Employee cost decreased from 12.29% to 10.20%. ??Other expenses rose from 16.32% to 17.71%. ??Other direct service cost rose from 3.14% to 3.53%. ??Preoperation capitalised expenses fell from 5.43% to 4.95%. ??Other income rose 52.57% to Rs 887.36 crore.??PBIDT fell 43.34% to Rs 3300.09 crore.??Provision for interest rose 9.87% to Rs 2420.72 crore.??PBDT fell 75.71% to Rs 879.37 crore.??Provision for depreciation fell 5.82% to Rs 5841.04 crore.??loss before tax increased 92.23% to Rs -4,961.67 crore.??Extraordinary items were increased to Rs 1,493.62 crore.??Provision for tax was expense of Rs 1518.96 crore, compared to Rs 1741.96 crore.??Effective tax rate was negative 44.26% compared to negative 64.32%.Minority interest increased 6,853.75% to Rs 55.63 crore.??Net loss attributable to owners of the company increased 12.48% to Rs -5,006.60 crore.??Promoters stake was 46.40% as of 30 June 2022 ,compared to 46.41% as of 30 June 2021 .??Promoters pledged stake was 1.82% as of 30 June 2022 ,compared to 1.82% as of 30 June 2021 .??
Full year results analysis.
Net sales (including other operating income) of Tata Motors has increased 11.47% to Rs 278453.62 crore.??Sales of Automotive and related activity segment has gone up 11.12% to Rs 2,75,779.67 crore (accounting for 98.64% of total sales).??Sales of Others segment has gone up 45.81% to Rs 3,809.13 crore (accounting for 1.36% of total sales).??Inter-segment sales rose Rs 998.73 crore to Rs 1,135.18 crore.??PBIT of Automotive and related activity reported loss of Rs 1,295.17 crore compared to profit of Rs 5,689.09 crore.??PBIT of Others segment rose 95.55% to Rs 624.73 crore (accounting for -93.18% of total PBIT).??PBIT margin of Automotive and related activity segment fell from 2.29% to 0.47%.??PBIT margin of Others segment rose from 12.23% to 16.40%.??Overall PBIT margin fell from 2.40% to -0.24%.??Operating profit margin has declined from 12.92% to 8.88%, leading to 23.43% decline in operating profit to Rs 24,720.09 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 57.67% to 58.12%. ??Purchase of finished goods cost rose from 5.00% to 6.64%. ??Employee cost decreased from 11.28% to 11.13%. ??Other expenses rose from 12.88% to 15.18%. ??Other direct service cost rose from 2.13% to 3.33%. ??Preoperation capitalised expenses fell from 5.24% to 5.20%. ??Other income rose 15.53% to Rs 3053.63 crore.??PBIDT fell 20.48% to Rs 27773.72 crore.??Provision for interest rose 15% to Rs 9311.86 crore.??Loan funds rose to Rs 1,46,449.03 crore as of 31 March 2022 from Rs 1,42,130.57 crore as of 31 March 2021.??Inventories declined from Rs 36,088.59 crore as of 31 March 2021 to Rs 35,240.34 crore as of 31 March 2022.??Sundry debtors were lower at Rs 12,442.12 crore as of 31 March 2022 compared to Rs 12,679.08 crore as of 31 March 2021.??Cash and bank balance declined from Rs 46,792.46 crore as of 31 March 2021 to Rs 40,669.22 crore as of 31 March 2022.??Investments rose to Rs 29,379.53 crore as of 31 March 2022 from Rs 24,620.28 crore as of 31 March 2021 .??PBDT fell 31.19% to Rs 18461.86 crore.??Provision for depreciation rose 5.47% to Rs 24835.69 crore.??Fixed assets declined from Rs 1,58,867.82 crore as of 31 March 2021 to Rs 91,115.19 crore as of 31 March 2022.??Intangible assets increased from Rs 803.72 crore to Rs 57,991.35 crore.??Profit before tax reported loss of Rs 6,373.83 crore compared to profit of Rs 3,282.74 crore.??Share of profit/loss was 80.46% higher at Rs -74.06 crore.??Extraordinary items were increased to Rs -629.58 crore.??Provision for tax was expense of Rs 4231.29 crore, compared to Rs 2541.86 crore.??Effective tax rate was negative 59.79% compared to negative 23.42%.Minority interest increased 135.76% to Rs 132.71 crore.??Net profit attributable to owners of the company increased 14.94% to Rs -11,441.47 crore.??Equity capital increased from Rs 765.81 crore as of 31 March 2021 to Rs 765.88 crore as of 31 March 2022.??Per share face Value remained same at Rs 2.00.??Promoters stake was 46.40% as of 31 March 2022 ,compared to 46.41% as of 31 March 2021 .??Promoters pledged stake was 1.82% as of 31 March 2022 ,compared to 1.82% as of 31 March 2021 .??Cash flow from operating activities decreased to Rs 14,282.83 crore for year ended March 2022 from Rs 29,000.51 crore for year ended March 2021.??Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 15,168.42 crore, compared to Rs 20,204.62 crore during the year ended March 2021.??Other highlights In Q1 FY23, JLR Revenue went down 11.3% compared to Q1 FY22. CV revenue up 107.2% and PV revenue went up 122.5% on YoY basis. Tata Commercial Vehicles (Tata CV): witnessed strong volumes growth as compared to Q1 FY22 (a Covid impacted quarter). The growth in Q1 FY23 has been broad-based across regions and segments. For India business, domestic wholesales were at 95,895 vehicles (+124% yoy). Exports were however at 5,218 vehicles, lower 22.6% affected by financial crisis in few export markets. The margin improvement was aided by higher volumes, realizations, and stable commodity prices. Tata Passenger Vehicles (Tata PV): continued its strong momentum with wholesales at 130,351 vehicles, up 101.7% vs Q1 FY22. Demand for passenger vehicles continued to stay strong in Q1 FY23 even as the supply side remained moderately impacted. Jaguar Land Rover (JLR): Retail sales in Q1 FY23 were 78,825 vehicles, broadly flat compared with Q4 FY22 and down 37% compared with Q1 FY22. The customer order book grew further to 200,000 vehicles. Free cash flow in Q1 FY23 stood at negative ?769 million (approx Rs 6230 crore) in the quarter primarily due to working capital outflow.
Management Comments :
Thierry Bollor?, Jaguar Land Rovers Chief Executive Officer, said: ?Our strategy to deliver the future of modern luxury to our clients continues at speed, as we accelerate our plans for an electric-first, brand-led business. Although headwinds from the global semiconductor supply and COVID lockdowns in China have impacted our business performance this quarter, I am pleased to confirm that we have a completely reinforced organisation setup to respond to the semiconductor crisis. Thisis now starting to recover production growth to achieve greater volumes and will allow us to take advantage of our record order book in the second quarter.? Girish Wagh, Executive Director Tata Motors Ltd said: ?The CV industry continued to witness rising demand across all segments led by a reviving economy. With the sequential easing of semiconductor shortage and our ramp-up agility, Tata Motors delivered a strong quarter with sales of 1,01,113 units registering 100% growth versus Q1 FY22. During Q1 FY23, we marked a significant leap forward in our commitment towards promoting sustainable mobility with the delivery of ~100 e-buses and successful launch of the Ace EV, which provides a green and smart transport solution for a wide variety of intra-city applications. We also signed a strategic Memorandum of Understanding with leading e-commerce companies and logistics service providers to deliver 39,000 units of the Ace EV along with its enabling eco-system. Furthermore, we also received a letter of allocation of 1500 e-buses from Delhi Transport Corporation, as part of the larger entitled order of 5000 e-buses, from the recently won CESL tender. Going forward, we remain cautiously optimistic about overall CV-demand while keeping a close watch on interest rates, input costs, transporter profitability, and semiconductor availability.? Shailesh Chandra, Managing Director Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Limited said: Demand for passenger vehicles continued to stay strong in Q1 FY23 even as the supply side remained moderately impacted. Overcoming all challenges, Tata Motors consistently set new sales records every month in passenger vehicle to record the highest ever wholesales and production of ~130,000 vehicles, twice as compared to Q1FY22. Electric vehicle sales too scaled new peaks month-on-month to deliver over 440% growth in Q1 FY23 versus Q1 FY22. During the quarter, we presented two new, future oriented, sustainable mobility concepts- Curvv and AVINYA that will introduce India to new vehicle typographies and experiences. While the Curvv, will be launched first as an EV and thereafter with internal combustion engine, AVINYA is our vision of a pure electric vehicle that offers unparalleled roominess and comfort; delivers wellness with a premium experience; and comes packed with new age technology. We also launched the Nexon EV Max in Q1 FY23 and are seeing a robust demand for this extension of Indias best-selling EV. Going forward, we expect the supply side, including that of critical electronic components to progressively improve. We continue to monitor the evolving demand and supply situation and will stay nimble to take necessary actions swiftly.?
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