Tata Motors Q4 PAT at Rs 3945 crore, beats expectations

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Global auto giant Tata Motors reported a Profit After Tax (PAT) of Rs 3945 crore for the fourth quarter of FY13, much above the ET Now poll estimate of Rs 2710 crore.

The standalone revenue came in at Rs 11068 crore versus an estimate of Rs 10640 crore in the ET Now poll. The standalone net loss stood at Rs 312 crore versus a poll estimate of Rs 514 crore.

The consolidated EBITDA was reported at Rs 7,802 crore. The consolidated profit from the Jaguar Land Rover division stood at £378 million.

Commenting on the results, the company said, “The external environment remains stressed.” “The demand for small commercial vehicles is strong.”

Ahead of the results, Tata Motors stock closed at Rs 303.80, up 2.69% on the Bombay Stock Exchange. It touched an intrady high of Rs 305.00 and a low of Rs 295.75.

On May 18, Tata Motors had raised 350 million Singapore dollars (about Rs 1,525 crore) through issue of securities in Singapore, mainly for redemption of preference shares.

“Tata Motors announces that TML Holdings Pte Ltd, a wholly owned subsidiary of Tata Motors, issued and allotted S$3,50,000,000 in principal amount of 4.25 per cent senior notes due 2018,” the homegrown auto major had said in a filing to the BSE.

The net proceeds from the issue will be used for the redemption of preference shares issued to Tata Motors and for general corporate purposes, it added.

The company said Australia and New Zealand Banking Group Ltd, Citigroup Global Markets Singapore Pte Ltd, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank acted as joint lead managers and joint bookrunners.

Earlier in January, Tata Motors-owned Jaguar Land Rover had raised USD 500 million (over Rs 2,600 crore) through issue of bonds to support its operational costs and future growth plans.

 

Source : The Economic Times.

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