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Range Rover sales, forex peg back Tata Motors' Q1 show

Range Rover sales, forex peg back Tata Motors' Q1 show

Forex loss following the Brexit vote and the higher cost of production have knocked-off Tata Motors's quarterly profits by half. Operating profit (EBITDA) of the Standalone business for the quarter stood at Rs 588 crores with operating margin at 5.7% (margin calculated on revenue net of excise duty), the company said in a regulatory filing.

During the period, consolidated net revenues came in higher at Rs 66,005 crore compared with Rs 60,451 crore in the year-ago period. Net profits, however, came down to Rs 26 crore from Rs 290 crore a year ago.

"JLR unfavorably got affected this year due to the exchange rate".

Higher sales volumes both at the standalone business and the Jaguar and Rover unit were "more than offset by the adverse FX impact of Rs.2,296 crore and adverse commodity derivatives impact of Rs.167 crore", the company said in a statement.

On a standalone basis, all the segments put up a good show with medium & heavy commercial vehicles growing 7.8 per cent, light commercial vehicles 11.6 per cent and passenger vehicles rising 6.3 per cent year-on-year.

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The company also cited lower local market incentive in JLR business compared to the corresponding quarter last year and higher depreciation and amortisation expenses as against last year as reasons for the decline in consolidated profit.

The UK's largest auto manufacturer, Jaguar Land Rover's revenue surged in its latest quaterly results, highliting the investments that the company has made in new models and changes in the Chinese market.

Professor David Bailey, an automotive industry expert at Aston University, said: "Clearly the company is having to invest heavily in new products and technology".

Profit was helped by a one-time gain of 4.78 billion rupees in an insurance payment for damage caused to JLR cars in an explosion at Tianjin port in China previous year.

The Indian-owned auto giant said its Land Rover arm sold 100,900 vehicles in the 12 weeks to the end of June, up 4 per cent on a year ago, amid strong demand for the Discovery Sport, Range Rover Evoque and Range Rover Sport.

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