UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the Month of May 2017
Commission File Number: 001-32294
TATA MOTORS LIMITED
(Translation of registrants name into English)
BOMBAY HOUSE
24, HOMI MODY STREET,
MUMBAI 400 001, MAHARASHTRA, INDIA
Telephone # 91 22 6665 8282 Fax # 91 22 6665 7799
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
TABLE OF CONTENTS
Item 1: Form 6-K dated May 23, 2017 along with the Press Release.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
Tata Motors Limited | ||
By: | /s/ Hoshang K Sethna | |
Name: | Hoshang K Sethna | |
Title: | Company Secretary | |
Dated: | May 23, 2017 |
Tata Motors Limited
Bombay House
24, Homi Mody Street,
Mumbai 400 001 Maharashtra India
News Release - 1 | May 23, 2017 |
Consolidated Net Revenue Q4 FY 17 ₹ 77,272 crores, Consolidated PAT ₹ 4,336 crores
Consolidated Net Revenue FY 17 ₹ 269,850 crores, Consolidated PAT ₹ 7,557 crores
Consolidated Financial Results for the Quarter and Year ended March 31, 2017 As per Ind-AS
For the quarter ended March 31, 2017, Tata Motors reported consolidated revenues (net of excise) of ₹ 77,272 crores as against ₹ 79,549 crores for the corresponding quarter last year. Consolidated revenues for the quarter are lower by ₹ 9,032 crores due to translation impact from GBP to INR. Consolidated Profit before tax for the quarter was ₹ 5,166 crores, against ₹ 5,888 crores for the corresponding quarter last year. This broadly reflects:-
| In Jaguar Land Rover business- |
| Strong retail sales, up 13.0% y-o-y on continued strong demand for the product, revenue (in £) up 10.1% y-o-y ; |
| Higher wholesale volumes partially offset by overall higher marketing expenses and higher depreciation and amortization. |
| In Standalone business- |
| De-growth in the M&HCV segment and LCV segment partially offset by growth in Passenger vehicle segment. |
Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the quarter was ₹ 4,336 crores, against the Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) of ₹ 5,211 crores for the corresponding quarter last year. Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the quarter are lower by ₹ 747 crores, due to translation impact from GBP to INR.
For the year ended March 31, 2017, the Consolidated revenue (net of excise) was ₹ 269,850 crores against ₹ 273,111 crores for the last year. The Consolidated Profit before tax for the year ended March 31, 2017 was ₹ 9,315 crores against ₹ 14,126 crores for the last year. Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the year ended March 31, 2017 was ₹ 7,557 crores, as against ₹ 11,678 crores for the last year. Consolidated revenues and Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the year are lower by ₹ 27,686 crores and ₹ 1,074 crores, due to translation impact from GBP to INR.
During Q4 FY17, the Company reviewed the presentation of foreign exchange gain/(loss) in the income statement, following the continued increase in hedging activity and volatility in FX rates. Accordingly, it was considered more appropriate to present realised foreign exchange relating to the hedging of revenue and costs exposures as an adjustment to revenue and costs for Q4 FY17 and FY17. Foreign exchange gain/(loss) unrelated to hedging are presented separately as a line item in the results. The prior period figures have also been reclassified on this basis. There is no impact upon the reported profit before tax and profit after tax in either of the financial years or quarters due to this change in presentation of the foreign exchange impact.
Tata Motors Standalone Financial Results (including Joint Operations) for the Quarter and year ended March 31, 2017As per Ind-AS
During the quarter, Commercial vehicle segments of the Company witnessed muted demand due to weak replacement demand, subdued freight demand from industrial segment, which took further hit post demonetization, and lower than expected pre-buying ahead of the implementation of BS IV. M&HCV segment witnessed a fall of 2.2% Y-o-Y and LCV segment witnessed a fall of 6.1% Y-o-Y. Passenger vehicles segment grew by 44.3% Y-o-Y with Car segment growth of 42.8% Y-o-Y and UVs (including Vans) segment growth of 51.7% Y-o-Y, on the back of continued strong response to the Tiago and the launch of Tata Hexa and Tata Tigor. Exports de-grew by 8.7% Y-o-Y.
The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2017, stood at 151,606 units, a growth of 4.9%, as compared to the corresponding quarter last year. The revenues (net of excise) of the Standalone business (including Joint Operations) for the quarter ended March 31, 2017 stood at ₹ 13,621 crores, as compared to ₹ 12,840 crores for the corresponding quarter last year. Operating profit (EBITDA) of the Standalone business (including Joint Operations) for the quarter stood at ₹ 556 crores with operating margin at 4.1%. Loss before and after tax for the quarter ended March 31, 2017 was ₹ 818 crores and ₹ 829 crores, respectively, against profit before and after tax of ₹ 337 crores and ₹ 398 crores, respectively, for the corresponding quarter last year.
The revenues (net of excise) of the Standalone business (including Joint Operations) for the year ended March 31, 2017, stood at ₹ 44,477 crores as compared to ₹ 42,894 crores in the last year. Operating profit (EBITDA) of the Standalone business (including Joint Operations) for the year stood at ₹ 1,701 crores with operating margin at 3.8%. Loss before and after tax for the year ended March 31, 2017 was ₹ 2,421 crores and ₹ 2,480 crores, respectively, against the ₹ 67 crores and ₹ 62 crores, respectively, for the last year.
The Company said, it has been a challenging and highly volatile year, which followed a period of low demand and inconsistent recovery in the prior years in the Automotive sector in India. In addition, the Company also under performed on many fronts, amplifying the impact of the external environment. On the way forward, we have detailed actions under focused implementation, and expect to significantly enhance the overall business performance in the coming periods.
Jaguar Land Rover Automotive PLC(figures as per IFRS)
Retail sales including the China JV in the quarter were 179,509 units, up 13.0% on strong demand across the product portfolio, primarily reflecting higher volumes in China, North America, UK and Europe led by strong sales of F-PACE, Range Rover and Discovery Sport. Jaguar Land Rover wholesales, including the China JV, were 175,000 units.
Quarterly highlights:-
Revenues* were £7,268 million up 10.1% Y-o-Y,
Operating profit (EBITDA) was £1,057 million (14.5% margin)- up 17.1% Y-o-Y
Profit before tax (PBT) was £676 million, up 17.2% Y-o-Y
Profit after Tax (PAT) was £557 million, up 18.0% Y-o-Y
The Operating performance in the quarter reflects
| Higher wholesale volumes; |
| Higher marketing cost; and |
| Favourable operating exchange and revaluation offset by realized hedges. |
Yearly highlights:-
| Revenues* were £24,339 million, up 9.2% Y-o-Y |
| Operating profit (EBITDA) was £2,955 million (12.1% margin), down 6.1% Y-o-Y |
| Profit before tax (PBT) was £1,610 million, up 3.4% Y-o-Y |
| Profit after Tax (PAT) was £1,272 million, down 3.0% Y-o-Y |
Jaguar Land Rover (JLR) is pleased to end the fiscal year on a strong note in spite of the geopolitical and volatile economic environment. JLR believes that it has strong and exciting product actions and plans to continue to drive profitable and sustainable growth.
* | Please read the note on change in presentation of foreign exchange given in the end of Consolidated result section |
Tata Daewoo Commercial Vehicles Co. Ltd - (figures as per Korean GAAP)
Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW 258 billion (approx. ₹ 1,496 crores) and recorded a net profit of KRW 15 billion (approx. ₹ 87 crores) in the quarter ended March 31, 2017. Net revenue and net profit for the year ended March 31, 2017 stood at KRW 1,032 billion (approx. ₹ 5,986 crores) and KRW 50 billion (approx. ₹ 290 crores), respectively.
Considering the losses in the standalone business for the year, no dividend is permitted to be paid to the Members for fiscal 2017, as per the Companies Act, 2013 and the Rules framed thereunder.
The Financial Results for the Quarter and Year ended March 31, 2017, are enclosed.
For further information, please contact
Suresh Rangarajan
Head-Corporate Communications
Tata Motors Limited
Phone: 00 91 22 6665 7289
www.tatamotors.com
News Release 2 | May 23, 2017 |
Auditors Report (Consolidated)
INDEPENDENT AUDITORS REPORT
TO THE BOARD OF DIRECTORS OF
TATA MOTORS LIMITED
1. | We have audited the accompanying Statement of Consolidated Financial Results of TATA MOTORS LIMITED (the Parent) and its subsidiaries (the Parent and its subsidiaries together referred to as the Group) including the financial results of two Joint Operation companies consolidated on a proportionate basis with the Parent and its share of the profit/(loss) of its joint ventures and associates for the year ended March 31, 2017 (the Statement), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. |
This Statement, which is the responsibility of the Parents Management and approved by the Board of Directors, has been compiled from the related consolidated financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder (Ind AS) and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such consolidated financial statements.
2. | We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. |
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Parents preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Parents internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph 4 below, is sufficient and appropriate to provide a basis for our audit opinion.
3. | In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements and the other financial information of subsidiaries, associates and joint ventures referred to in paragraph 4 below, the Statement: |
a. | includes the results of the subsidiaries, associates and joint arrangements listed in Annexure I; |
b. | is presented in accordance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and |
c. | gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, total comprehensive loss and other financial information of the Group for the year ended March 31, 2017. |
4. | We did not audit the financial statements/financial information of twelve subsidiaries included in the consolidated financial results, whose financial statements/financial information reflect total assets (net) of Rs. 56,452.11 crores as at March 31, 2017, total revenues of Rs. 224,130.02 crores, total net profit after tax of Rs. 10,417.09 crores and total comprehensive loss of Rs. 6,877.08 crores for the year ended on that date, as considered in the consolidated financial results. The consolidated financial results also include the Groups share of net profit of Rs. 18.30 crores and total comprehensive income of Rs. 13.87 crores for the year ended March 31, 2017, as considered in the consolidated financial results, in respect of two associates whose financial statements/financial information have not been audited by us. These financial statements/financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on the reports of the other auditors. |
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
5. | The consolidated financial results include the unaudited financial statements/financial information of seven subsidiaries, whose financial statements/financial information reflect total assets (net) of (-) Rs. 299.84 crores as at March 31, 2017, total revenue of Rs. 423.86 crores, total net loss after tax of Rs. 49.42 crores and total comprehensive loss of Rs. 49.42 crores for the year ended March 31, 2017, as considered in the consolidated financial results. The consolidated financial results also include the Groups share of profit after tax of Rs. 85.88 crores and total comprehensive income of Rs. 82.61 crores for the year ended March 31, 2017, as considered in the consolidated financial results, in respect of one associate whose financial information has not been audited by us. These financial statements/financial information are unaudited and have been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on such unaudited financial statements/financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements/financial information are not material to the Group. |
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the financial statements/financial information certified by the Management.
6. | The Statement includes the results for the quarter ended March 31, 2017 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. |
7. | The comparative financial information in respect of twelve subsidiaries and two associates included in this Statement prepared in accordance with the Ind AS, have for the quarter ended March 31, 2016 and the year ended March 31, 2016 been reviewed and audited respectively by other auditors, and have been relied upon by us. |
Our report is not qualified in respect of the above matter.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firms Registration No. 117366W/W-100018)
B.P.SHROFF
Partner
(Membership No. 34382)
MUMBAI, May 23, 2017
ANNEXURE I TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 3(a) under Independent Auditors Report of even date)
(A) DIRECT SUBSIDIARIES | ||
1 |
Concorde Motors (India) Limited | |
2 |
TAL Manufacturing Solutions Limited | |
3 |
Tata Motors European Technical Centre PLC | |
4 |
Tata Motors Insurance Broking and Advisory Services Limited | |
5 |
Tata Motors Finance Limited | |
6 |
TML Holdings Pte. Limited | |
7 |
TML Distribution Company Limited | |
8 |
Tata Hispano Motors Carrocera S.A. | |
9 |
Tata Hispano Motors Carrocerries Maghreb SA | |
10 |
TML Drivelines Limited | |
11 |
Trilix S.r.l. | |
12 |
Tata Precision Industries Pte. Limited | |
13 |
Tata Technologies Limited | |
14 |
Tata Marcopolo Motors Limited | |
(B) INDIRECT SUBSIDIARIES | ||
(i) Subsidiaries of TML Holdings Pte. Ltd. | ||
15 |
Tata Daewoo Commercial Vehicle Company Limited | |
16 |
Tata Daewoo Commercial Vehicle Sales and Distribution Company Limited | |
17 |
Tata Motors (Thailand) Limited | |
18 |
Tata Motors (SA) (Proprietary) Limited | |
19 |
PT Tata Motors Indonesia | |
20 |
PT Tata Motors Distribusi Indonesia | |
21 |
TMNL Motor Services Nigeria Limited | |
22 |
Jaguar Land Rover Automotive Plc | |
(ii) Subsidiaries of Jaguar Land Rover Automotive Plc | ||
23 |
Jaguar Land Rover Limited | |
24 |
Jaguar Land Rover Austria GmbH | |
25 |
Jaguar Land Rover Japan Limited | |
26 |
JLR Nominee Company Limited | |
27 |
Jaguar Land Rover Deutschland GmbH | |
28 |
Jaguar Land Rover North America LLC | |
29 |
Jaguar Land Rover Nederland BV | |
30 |
Jaguar Land Rover PortugalVeículos e Peças, Lda. | |
31 |
Jaguar Land Rover Australia Pty Limited | |
32 |
Jaguar Land Rover Italia Spa | |
33 |
Jaguar Land Rover Korea Company Limited |
34 | Jaguar Land Rover (China) Investment Co. Limited | |
35 | Jaguar Land Rover Canada ULC | |
36 | Jaguar Land Rover France, SAS | |
37 | Jaguar Land Rover (South Africa) (Pty) Limited | |
38 | Jaguar e Land Rover Brasil Indústria e Comércio de Veículos LTDA | |
39 | Limited Liability Company Jaguar Land Rover (Russia) | |
40 | Jaguar Land Rover (South Africa) Holdings Limited | |
41 | Jaguar Land Rover India Limited | |
42 | Jaguar Land Rover Espana SL | |
43 | Jaguar Land Rover Belux NV | |
44 | Jaguar Land Rover Holdings Limited | |
45 | Jaguar Cars South Africa (Pty) Limited | |
46 | The Jaguar Collection Limited | |
47 | Jaguar Cars Limited | |
48 | Land Rover Exports Limited | |
49 | Land Rover Ireland Limited | |
50 | The Daimler Motor Company Limited | |
51 | Daimler Transport Vehicles Limited | |
52 | S.S. Cars Limited | |
53 | The Lanchester Motor Company Limited | |
54 | Shanghai Jaguar Land Rover Automotive Services Company Limited | |
55 | Jaguar Land Rover Pension Trustees Limited | |
56 | Jaguar Land Rover Slovakia s.r.o | |
57 | Jaguar Land Rover Singapore Pte. Ltd | |
58 | Jaguar Racing Limited | |
59 | InMotion Ventures Limited | |
60 | InMotion Ventures 1 Limited | |
61 | InMotion Ventures 2 Limited | |
62 | InMotion Ventures 3 Limited | |
63 | Jaguar Land Rover Columbia S.A.S | |
(iii) Subsidiaries of Tata Technologies Ltd. | ||
64 | Tata Technologies Inc. | |
65 | Tata Technologies de Mexico, S.A. de C.V. | |
66 | Tata Technologies Pte Limited | |
67 | Tata Technologies (Thailand) Limited | |
68 | Tata Technologies Europe Limited | |
69 | INCAT International Plc. | |
70 | INCAT GmbH |
71 | Cambric Limited | |
72 | Tata Technologies SRL | |
73 | Cambric GmbH | |
74 | Cambric UK Limited | |
75 | Midwest Managed Services Inc. | |
76 | Cambric Manufacturing Technologies (Shanghai) Company Limited | |
(iv) Subsidiaries of Tata Motors Finance Ltd. | ||
77 | Tata Motors Finance Solutions Limited | |
78 | Sheba Properties Limited | |
(C) ASSOCIATES | ||
1 | Jaguar Cars Finance Limited | |
2 |
Synaptiv Limited | |
3 |
Cloud Car Inc | |
4 |
Automobile Corporation of Goa Limited | |
5 |
Nita Company Limited | |
6 |
Tata Hitachi Construction Machinery Company Private Limited | |
7 |
Tata Precision Industries (India) Limited | |
8 |
Tata AutoComp Systems Limited | |
(D) JOINT ARRANGEMENTS | ||
(a) Joint Operations 1 Tata Cummins Private Limited 2 Fiat India Automobiles Private Limited | ||
(b) Joint Ventures 1 Chery Jaguar Land Rover Automotive Company Limited and its subsidiary 2 Spark44 (JV) Limited and its subsidiaries 3 JT Special Vehicles Pvt. Limited 4 TATA HAL Technologies Limited |
News Release 3 | May 23, 2017 |
Consolidated Financial Results
TATA MOTORS LIMITED
Regd.Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001.
CIN L28920MH1945PLC004520
(₹ in crores)
STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR
ENDED MARCH 31, 2017
Quarter ended | Year ended | |||||||||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | |||||||||||||||||||||||
|
2017 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Particulars |
Unaudited | Audited | ||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||
I |
(a) |
Income from operations |
78,746.61 | 64,942.78 | 80,867.99 | 274,492.12 | 277,660.59 | |||||||||||||||||||
II |
(b) |
Other income |
234.16 | 167.41 | 211.72 | 754.54 | 885.35 | |||||||||||||||||||
III |
Total Income (I + II) |
78,980.77 | 65,110.19 | 81,079.71 | 275,246.66 | 278,545.94 | ||||||||||||||||||||
IV |
Expenses |
|||||||||||||||||||||||||
(a) | Cost of materials consumed | |||||||||||||||||||||||||
(i) Cost of materials consumed | 41,758.02 | 38,746.48 | 42,990.22 | 160,147.12 | 151,065.61 | |||||||||||||||||||||
(ii) Basis adjustment on hedge accounted derivatives | (269.78 | ) | (347.36 | ) | 426.07 | (777.57 | ) | 2,226.88 | ||||||||||||||||||
(b) | Purchase of products for sale | 3,923.93 | 3,818.63 | 3,220.28 | 13,924.53 | 12,841.52 | ||||||||||||||||||||
(c) | Changes in inventories of finished goods, work-in-progress and products for sale | 2,103.05 | (2,205.49 | ) | (175.23 | ) | (7,399.92 | ) | (2,750.99 | ) | ||||||||||||||||
(d) | Excise duty | 1,529.42 | 1,009.77 | 1,358.10 | 4,799.61 | 4,614.99 | ||||||||||||||||||||
(e) | Employee benefits expense | 7,027.35 | 7,044.64 | 7,720.87 | 28,332.89 | 28,880.89 | ||||||||||||||||||||
(f) | Finance costs | 1,163.97 | 870.71 | 1,379.35 | 4,238.01 | 4,889.08 | ||||||||||||||||||||
(g) | Foreign exchange (gain)/loss (net) | (45.19 | ) | 1,424.31 | 1,283.81 | 3,910.10 | 1,616.88 | |||||||||||||||||||
(h) | Depreciation and amortisation expense | 4,670.24 | 4,229.95 | 4,345.47 | 17,904.99 | 16,710.78 | ||||||||||||||||||||
(i) | Product development/Engineering expenses | 986.37 | 814.10 | 1,066.70 | 3,413.57 | 3,468.77 | ||||||||||||||||||||
(j) | Other expenses | 14,931.16 | 14,156.45 | 16,324.35 | 55,430.06 | 55,683.75 | ||||||||||||||||||||
(k) | Amount capitalised | (4,044.08 | ) | (4,334.77 | ) | (4,188.99 | ) | (16,876.96 | ) | (16,678.34 | ) | |||||||||||||||
Total Expenses (IV) | 73,734.46 | 65,227.42 | 75,751.00 | 267,046.43 | 262,569.82 | |||||||||||||||||||||
V |
Profit/(loss) before exceptional items and tax (III - IV) |
5,246.31 | (117.23 | ) | 5,328.71 | 8,200.23 | 15,976.12 | |||||||||||||||||||
VI |
Exceptional Items |
|||||||||||||||||||||||||
(a) | Employee separation cost | 67.20 | 0.75 | 22.35 | 67.61 | 32.72 | ||||||||||||||||||||
(b) | Others (Note - 3) | 13.61 | (716.57 | ) | (581.94 | ) | (1,182.17 | ) | 1,817.63 | |||||||||||||||||
VII |
Profit before tax (V - VI) |
5,165.50 | 598.59 | 5,888.30 | 9,314.79 | 14,125.77 | ||||||||||||||||||||
VIII |
Tax expense/(credit) (net) |
|||||||||||||||||||||||||
(a) | Current tax | 923.53 | 969.37 | 1,247.17 | 3,137.66 | 1,862.05 | ||||||||||||||||||||
(b) | Deferred tax | 316.09 | (102.42 | ) | (110.53 | ) | 113.57 | 1,163.00 | ||||||||||||||||||
Total tax expense/(credit) (net) | 1,239.62 | 866.95 | 1,136.64 | 3,251.23 | 3,025.05 | |||||||||||||||||||||
IX |
Profit/(loss) for the period/year from continuing operations (VII - VIII) |
3,925.88 | (268.36 | ) | 4,751.66 | 6,063.56 | 11,100.72 | |||||||||||||||||||
X |
Share of profit of joint ventures and associates (net) |
410.55 | 379.93 | 459.83 | 1,493.00 | 577.47 | ||||||||||||||||||||
XI |
Profit for the period/year (IX + X) |
4,336.43 | 111.57 | 5,211.49 | 7,556.56 | 11,678.19 | ||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
(a) | Shareholders of the Company | 4,295.85 | 93.77 | 5,175.86 | 7,454.36 | 11,579.31 | ||||||||||||||||||||
(b) | Non-controlling interests | 40.58 | 17.80 | 35.63 | 102.20 | 98.88 | ||||||||||||||||||||
XII |
Other comprehensive income/(loss) |
|||||||||||||||||||||||||
(A) | (i) Items that will not be reclassified to profit or loss | 3,359.38 | (263.32 | ) | 3,605.16 | (5,719.91 | ) | 7,364.86 | ||||||||||||||||||
(ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss | (510.80 | ) | (51.88 | ) | (617.77 | ) | 867.35 | (1,514.57 | ) | |||||||||||||||||
(B) | (i) Items that will be reclassified to profit or loss | (518.19 | ) | (2,407.04 | ) | (9,340.57 | ) | (25,548.94 | ) | (3,655.81 | ) | |||||||||||||||
(ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss | (459.93 | ) | 20.52 | 1,748.91 | 2,906.93 | 962.98 | ||||||||||||||||||||
Total other comprehensive income/(loss) | 1,870.46 | (2,701.72 | ) | (4,604.27 | ) | (27,494.57 | ) | 3,157.46 |
Quarter ended | Year ended | |||||||||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | |||||||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | ||||||||||||||||||||||
Particulars |
Unaudited | Audited | ||||||||||||||||||||||||
XIII |
Total comprehensive income/(loss) for the period/year (net of tax) (XI + XII) |
6,206.89 | (2,590.15 | ) | 607.22 | (19,938.01 | ) | 14,835.65 | ||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
(a) | Shareholders of the Company | 6,180.87 | (2,604.66 | ) | 571.59 | (20,005.94 | ) | 14,724.64 | ||||||||||||||||||
(b) | Non-controlling interests | 26.02 | 14.51 | 35.63 | 67.93 | 111.01 | ||||||||||||||||||||
XIV |
Paid-up equity share capital (face value of ₹ 2 each) |
679.22 | 679.22 | 679.18 | 679.22 | 679.18 | ||||||||||||||||||||
XV |
Earnings per share (EPS) |
|||||||||||||||||||||||||
A. | Ordinary shares (face value of ₹ 2 each) | |||||||||||||||||||||||||
(a) | Basic EPS | ₹ | 12.64 | 0.26 | 15.23 | 21.94 | 34.25 | |||||||||||||||||||
(b) | Diluted EPS | ₹ | 12.63 | 0.26 | 15.22 | 21.93 | 34.24 | |||||||||||||||||||
B. | A Ordinary shares (face value of ₹ 2 each) | |||||||||||||||||||||||||
(a) | Basic EPS | ₹ | 12.74 | 0.36 | 15.33 | 22.04 | 34.35 | |||||||||||||||||||
(b) | Diluted EPS | ₹ | 12.73 | 0.36 | 15.32 | 22.03 | 34.34 | |||||||||||||||||||
Not annualised |
Segment wise Revenue, Results, Assets and Liabilities
The Company primarily operates in the automotive segment. The automotive segment includes all activities relating to development, design, manufacture, assembly and sale of vehicles including financing thereof, as well as sale of related parts and accessories. The Company provides financing for vehicles sold by dealers in India.
The automotive segment is bifurcated into the following:
Tata and other brand vehicles, including financing thereof and Jaguar Land Rover.
The Companys other segment comprises primarily activities relating to information technology or IT services, machine tools and factory automation solutions.
(₹ in crores) | ||||||||||||||||||||||
Quarter ended | Year ended | |||||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | |||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | ||||||||||||||||||
Particulars |
Unaudited | Audited | ||||||||||||||||||||
A. |
Segment Revenue : | |||||||||||||||||||||
Total income from operations (net) |
||||||||||||||||||||||
I. |
Automotive and related activity |
|||||||||||||||||||||
- Tata and other brands vehicles and financing thereof |
16,732.22 | 13,186.02 | 15,634.32 | 56,448.78 | 53,462.52 | |||||||||||||||||
- Jaguar and Land Rover |
61,591.65 | 51,346.52 | 64,817.25 | 216,388.82 | 222,822.93 | |||||||||||||||||
Less: Intra segment eliminations |
(91.78 | ) | (14.52 | ) | (8.57 | ) | (145.19 | ) | (63.78 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
-Total | 78,232.09 | 64,518.02 | 80,443.00 | 272,692.41 | 276,221.67 | |||||||||||||||||
II. |
Others |
876.78 | 766.64 | 807.18 | 3,184.06 | 2,953.89 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Segment Revenue |
79,108.87 | 65,284.66 | 81,250.18 | 275,876.47 | 279,175.56 | |||||||||||||||||
Less: Inter segment revenue |
(362.26 | ) | (341.88 | ) | (382.19 | ) | (1,384.35 | ) | (1,514.97 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income from Operations |
78,746.61 | 64,942.78 | 80,867.99 | 274,492.12 | 277,660.59 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
B. |
Segment results before other income, finance costs, exceptional items and tax : |
|||||||||||||||||||||
I. |
Automotive and related activity |
|||||||||||||||||||||
- Tata and other brands vehicles and financing thereof |
109.73 | (376.19 | ) | 1,189.56 | 207.05 | 2,188.15 | ||||||||||||||||
- Jaguar and Land Rover |
5,931.30 | 2,320.21 | 6,478.16 | 15,117.07 | 19,056.29 | |||||||||||||||||
Less: Intra segment eliminations |
| | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
-Total | 6,041.03 | 1,944.02 | 7,667.72 | 15,324.12 | 21,244.44 | |||||||||||||||||
II. |
Others |
169.61 | 106.99 | 128.44 | 471.90 | 436.24 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Segment results |
6,210.64 | 2,051.01 | 7,796.16 | 15,796.02 | 21,680.68 | |||||||||||||||||
Less: Inter segment eliminations |
(79.71 | ) | (40.63 | ) | (16.01 | ) | (202.22 | ) | (83.95 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Segment results |
6,130.93 | 2,010.38 | 7,780.15 | 15,593.80 | 21,596.73 | |||||||||||||||||
Add/(Less) : Other income |
234.16 | 167.41 | 211.72 | 754.54 | 885.35 | |||||||||||||||||
Add/(Less) : Finance costs |
(1,163.97 | ) | (870.71 | ) | (1,379.35 | ) | (4,238.01 | ) | (4,889.08 | ) | ||||||||||||
Add/(Less) : Foreign exchange gain/(loss) (net) |
45.19 | (1,424.31 | ) | (1,283.81 | ) | (3,910.10 | ) | (1,616.88 | ) | |||||||||||||
Add/(Less) : Exceptional items |
(80.81 | ) | 715.82 | 559.59 | 1,114.56 | (1,850.35 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Profit before tax |
5,165.50 | 598.59 | 5,888.30 | 9,314.79 | 14,125.77 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As at December 31, | As at March 31, |
|||||||||||||||||||||
2016 | 2017 | 2016 | ||||||||||||||||||||
Unaudited | Audited | |||||||||||||||||||||
C. |
Segment Assets | |||||||||||||||||||||
I. |
Automotive and related activity |
|||||||||||||||||||||
- Tata and other brands vehicles and financing thereof |
64,770.61 | 64,890.05 | 60,550.01 | |||||||||||||||||||
- Jaguar and Land Rover |
153,797.68 | 154,654.50 | 159,802.80 | |||||||||||||||||||
Less: Intra segment eliminations |
| | (10.00 | ) | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
-Total | 218,568.29 | 219,544.55 | 220,342.81 |
As at December 31, | As at March 31, |
|||||||||||||||||||||
2016 | 2017 | 2016 | ||||||||||||||||||||
Unaudited | Audited | |||||||||||||||||||||
II. |
Others |
1,999.83 | 2,205.13 | 2,286.84 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Total Segment Assets | 220,568.12 | 221,749.68 | 222,629.65 | |||||||||||||||||||
Less: Inter segment eliminations |
(946.28 | ) | (1,023.72 | ) | (939.31 | ) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Net Segment Assets |
219,621.84 | 220,725.96 | 221,690.34 | |||||||||||||||||||
Investment in equity accounted investees |
||||||||||||||||||||||
- Tata and other brands vehicles and financing thereof |
375.90 | 377.31 | 373.05 | |||||||||||||||||||
- Jaguar and Land Rover |
3,476.70 | 3,835.72 | 3,238.07 | |||||||||||||||||||
- Others |
366.70 | 392.98 | 152.83 | |||||||||||||||||||
Add : Unallocable assets |
38,083.12 | 48,422.39 | 41,686.86 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Total Assets | 261,924.26 | 273,754.36 | 267,141.15 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
D. |
Segment Liabilities |
|||||||||||||||||||||
I. |
Automotive and related activity |
|||||||||||||||||||||
- Tata and other brands vehicles and financing thereof |
14,220.04 | 17,548.81 | 14,333.95 | |||||||||||||||||||
- Jaguar and Land Rover |
88,314.86 | 89,478.99 | 82,957.43 | |||||||||||||||||||
Less: Intra segment eliminations |
| | (10.00 | ) | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
-Total | 102,534.90 | 107,027.80 | 97,281.38 | |||||||||||||||||||
II. |
Others |
600.21 | 747.75 | 828.45 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Total Segment Liabilities |
103,135.11 | 107,775.55 | 98,109.83 | |||||||||||||||||||
Less: Inter segment eliminations |
(233.79 | ) | (250.44 | ) | (278.59 | ) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Net Segment Liabilities |
102,901.32 | 107,525.11 | 97,831.24 | |||||||||||||||||||
Add : Unallocable liabilities |
106,818.44 | 108,167.36 | 90,357.50 | |||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Total Liabilities |
209,719.76 | 215,692.47 | 188,188.74 | |||||||||||||||||||
|
|
|
|
|
|
Statement of Consolidated Assets and Liabilities
(₹ in crores) | ||||||||||||||||||||
As at March 31, | As at April 1, | |||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||
Audited | ||||||||||||||||||||
I. |
ASSETS | |||||||||||||||||||
(1) | Non-current assets | |||||||||||||||||||
(a) | Property, plant and equipment | 59,594.56 | 64,927.07 | 54,264.65 | ||||||||||||||||
(b) | Capital work-in-progress | 10,186.83 | 6,550.97 | 8,852.69 | ||||||||||||||||
(c) | Goodwill | 673.32 | 759.80 | 731.95 | ||||||||||||||||
(d) | Other intangible assets | 35,676.20 | 41,544.89 | 33,908.19 | ||||||||||||||||
(e) | Intangible assets under development | 23,512.01 | 19,367.97 | 19,155.46 | ||||||||||||||||
(f) | Investment in equity accounted investees | 4,606.01 | 3,763.95 | 3,173.66 | ||||||||||||||||
(g) | Financial assets: | |||||||||||||||||||
(i) | Other investments | 690.76 | 770.03 | 768.85 | ||||||||||||||||
(ii) |
Finance receivables |
10,753.13 | 9,671.55 | 9,606.60 | ||||||||||||||||
(iii) |
Loans and advances |
753.66 | 503.88 | 496.71 | ||||||||||||||||
(iv) |
Other financial assets |
2,911.12 | 1,825.51 | 647.64 | ||||||||||||||||
(h) | Deferred tax assets (net) | 4,457.34 | 3,957.03 | 4,049.41 | ||||||||||||||||
(i) | Non-current tax assets (net) | 260.20 | 1,265.81 | 947.45 | ||||||||||||||||
(j) | Other non-current assets | 2,847.36 | 2,309.02 | 1,983.60 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
156,922.50 | 157,217.48 | 138,586.86 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
(2) | Current assets | |||||||||||||||||||
(a) | Inventories | 35,085.31 | 32,655.73 | 29,044.15 | ||||||||||||||||
(b) | Financial assets: | |||||||||||||||||||
(i) | Other investments | 15,041.15 | 19,233.04 | 14,074.78 | ||||||||||||||||
(ii) |
Trade receivables |
14,075.55 | 13,570.91 | 12,972.80 | ||||||||||||||||
(iii) |
Cash and cash equivalents |
13,986.76 | 17,153.61 | 19,743.09 | ||||||||||||||||
(iv) |
Bank balances other than (iii) above |
22,091.12 | 13,306.79 | 10,668.84 | ||||||||||||||||
(v) | Finance receivables | 6,810.12 | 6,079.92 | 4,959.45 | ||||||||||||||||
(vi) |
Loans and advances |
710.45 | 1,117.10 | 779.78 | ||||||||||||||||
(vii) |
Other financial assets |
1,555.94 | 835.73 | 1,689.80 | ||||||||||||||||
(c) | Current tax assets (net) | 935.47 | 146.75 | 212.08 | ||||||||||||||||
(d) | Other current assets | 6,539.99 | 5,824.09 | 5,412.09 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
116,831.86 | 109,923.67 | 99,556.86 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL ASSETS |
273,754.36 | 267,141.15 | 238,143.72 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
II. |
EQUITY AND LIABILITIES | |||||||||||||||||||
(1) | Equity | |||||||||||||||||||
(a) | Equity share capital | 679.22 | 679.18 | 643.78 | ||||||||||||||||
(b) | Other equity | 57,382.67 | 78,273.23 | 54,628.80 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Equity attributable to owners of Tata Motors Ltd |
58,061.89 | 78,952.41 | 55,272.58 | |||||||||||||||||
Non-controlling interests |
453.17 | 432.84 | 429.75 | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
58,515.06 | 79,385.25 | 55,702.33 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Liabilities |
||||||||||||||||||||
(2) | Non-current liabilities | |||||||||||||||||||
(a) | Financial liabilities: | |||||||||||||||||||
(i) | Borrowings | 60,629.18 | 50,510.39 | 54,607.14 | ||||||||||||||||
(ii) |
Other financial liabilities |
11,409.58 | 7,943.74 | 7,994.85 | ||||||||||||||||
(b) | Provisions | 9,004.46 | 7,891.01 | 6,938.27 | ||||||||||||||||
(c) | Deferred tax liabilities (net) | 1,174.00 | 4,474.78 | 2,559.49 | ||||||||||||||||
(d) | Other non-current liabilities | 17,392.56 | 9,886.55 | 10,948.00 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
99,609.78 | 80,706.47 | 83,047.75 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
(3) | Current liabilities | |||||||||||||||||||
(a) | Financial liabilities: | |||||||||||||||||||
(i) | Borrowings | 13,859.94 | 11,450.78 | 13,154.68 | ||||||||||||||||
(ii) |
Trade payables |
57,698.33 | 57,580.46 | 52,094.70 | ||||||||||||||||
(iii) |
Acceptances |
4,834.24 | 3,981.33 | 4,076.75 | ||||||||||||||||
(iv) |
Other financial liabilities |
25,634.83 | 21,281.60 | 19,173.01 | ||||||||||||||||
(b) | Provisions | 5,807.76 | 5,844.51 | 4,969.12 | ||||||||||||||||
(c) | Current tax liabilities (net) | 1,392.58 | 723.53 | 820.13 | ||||||||||||||||
(d) | Other current liabilities | 6,401.84 | 6,187.22 | 5,105.25 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
115,629.52 | 107,049.43 | 99,393.64 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL EQUITY AND LIABILITIES |
273,754.36 | 267,141.15 | 238,143.72 | |||||||||||||||||
|
|
|
|
|
|
Notes:-
1) | The above results were reviewed and recommended by the Audit Committee at its meeting held on May 22, 2017 and approved by the Board of Directors at its meeting held on May 23, 2017. |
2) | The Company has adopted Indian Accounting Standards (referred to as Ind AS) on April 1, 2016, with the transition date as April 1, 2015, and accordingly these financial results along with the comparatives have been prepared in accordance with the recognition and measurement principles stated therein, prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. |
3) | (a) The exceptional credit of ₹ 1,330.10 crores (£151 million) for the year ended March 31, 2017, relates to the explosion at the port of Tianjin (China) in August 2015. This relates to the receipt of insurance proceeds, recovery of import duties and taxes and to an updated assessment of the condition of the remaining vehicles, which led to a reversal of the initial provision recorded in the quarter ended September 30, 2015. |
(b) | Exceptional item VI (b) of ₹ 147.93 crores for the year ended March 31, 2017, relates to provision for inventory of BS III vehicles as at March 31, 2017. This does not include higher level of customer discounts and variable marketing expenses in March 2017, to support higher level of retail sales which have been netted off against Income from operations. |
4) | During the quarter ended March 31, 2017, Jaguar Land Rover Automotive Plc issued a EUR 650 million (4,466.88 crores) 2.20% bond due 2024 and a GBP 300 million (2,406.52 crores) 2.75% bond due 2021. The net proceeds from the issue of bonds is intended to be used for general corporate purposes, including support for the on-going growth and capital spending plan. |
5) | During the quarter ended March 31, 2017, the Company reviewed the presentation of the foreign exchange gain/(loss) due to continued increase in hedging activity and volatility in foreign exchange rates. Accordingly, it was considered to present foreign exchange gain/(loss) relating to hedges with underlying hedged items. Foreign exchange gain/(loss) unrelated to hedging are presented separately in the Statement of Profit and Loss. Figures of the previous periods have been regrouped accordingly. There is no impact upon the reported profit/(loss) of the previous periods. |
6) | Figures for the quarters ended March 31, 2017 and 2016 represent the difference between the audited figures in respect of full financial years and the published figures for the nine months ended December 31, 2016 and 2015, respectively. |
7) | On April 3, 2017, Jaguar Land Rover Automotive Plc approved and communicated to its Defined Benefit scheme members that the Defined Benefit scheme rules were to be amended with effect from April 6, 2017 so that amongst other changes, retirement benefits will be calculated on a career average basis rather than based upon a members final salary at retirement. These changes were effective from April 6, 2017 and as a result of the re-measurement of the schemes liabilities, a past service credit of approximately GBP 437 million (3,536.14 crores) has arisen and will be recognised in quarter ended June 30, 2017. |
8) | Reconciliation between Consolidated financial results, as reported under erstwhile Indian GAAP (referred to as previous GAAP) and Ind AS are summarised below: |
(a) Equity reconciliation |
(₹ in crores) | |||||||
Particulars |
As at March 31, 2016 |
As at April 1, 2015 |
||||||
Equity as reported under previous GAAP |
80,782.67 | 56,261.92 | ||||||
Fair value loss through Other Comprehensive Income for investments in quoted equity shares |
(103.14 | ) | (91.50 | ) | ||||
Fair value gain on investments in mutual funds |
23.40 | 9.87 | ||||||
Proposed Dividend |
73.00 | | ||||||
Provision for expected credit losses |
(3,347.90 | ) | (3,110.63 | ) | ||||
Gain on fair value of below market interest loan (net of effective interest rate adjustment) |
447.78 | 396.98 | ||||||
Effect of de-recognition of financial instruments |
12.00 | 128.00 | ||||||
Effect of adoption of fair value as deemed cost relating to property, plant and equipment and intangibles |
2,738.92 | 2,490.49 | ||||||
Effect of hedges for inventory purchases |
8.59 | 312.21 | ||||||
Fair valuation of assets and liabilities on acquisition of business |
(1,140.98 | ) | (1,010.66 | ) | ||||
Discounting of provisions |
185.57 | 237.97 | ||||||
Reversal of goodwill recognised in previous GAAP on common control transactions |
(322.00 | ) | (322.00 | ) | ||||
Others (net) |
(327.40 | ) | (129.98 | ) | ||||
Tax effect on above adjustments |
(78.10 | ) | 99.91 | |||||
Equity as per Ind AS | 78,952.41 | 55,272.58 | ||||||
(b) Profit reconciliation |
(₹ in crores) | |||||||
Particulars |
Quarter ended March 31, 2016 |
Year ended March 31, 2016 |
||||||
Net profit after tax as reported under previous GAAP |
5,177.06 | 11,023.75 | ||||||
Reversal of exchange gain accumulated in foreign currency monetary item translation difference account |
97.03 | 1,379.23 | ||||||
Effect of adoption of fair value as deemed cost relating to property, plant and equipment and intangibles (net of depreciation and amortisation) |
53.88 | 253.63 | ||||||
Gain on fair value of below market interest loan (net of effective interest rate adjustment) |
48.38 | 50.50 | ||||||
Effect of cross currency basis spreads on hedge accounting |
(376.88 | ) | (102.93 | ) | ||||
Provision for expected credit losses |
157.90 | (237.27 | ) | |||||
Reversal of gain on sale of investment in equity instruments classified as fair value through Other Comprehensive Income |
| (80.38 | ) | |||||
Fair value gain on investment in mutual funds |
(23.03 | ) | 13.83 | |||||
Discounting of provisions |
54.76 | (61.93 | ) | |||||
Remeasurement losses on defined benefit obligations (net) |
(21.32 | ) | (82.45 | ) | ||||
Impact on depreciation due to retrospective application of business combination |
(23.18 | ) | (94.62 | ) | ||||
Effect of de-recognition of financial instruments |
(13.23 | ) | (116.00 | ) |
Particulars |
Quarter ended March 31, 2016 |
Year ended March 31, 2016 |
||||||
Others (net) |
(173.49 | ) | (213.60 | ) | ||||
Tax effect on above adjustments (including tax effect on undistributed earnings of subsidiaries, associates and joint arrangements) |
217.98 | (152.45 | ) | |||||
Net profit after tax as per Ind AS |
5,175.86 | 11,579.31 | ||||||
Other Comprehensive Income/(loss) (net of tax) attributable to the Shareholders of the Company |
(4,604.27 | ) | 3,145.33 | |||||
Total Comprehensive Income after tax as per Ind AS attributable to the Shareholders of the Company |
571.59 | 14,724.64 |
9) | The Statutory Auditors have carried out an audit of the Consolidated financial results for the year ended March 31, 2017. |
Tata Motors Limited
Guenter Butschek
Mumbai, May 23, 2017 | CEO & Managing Director | |
News Release - 4 | May 23, 2017 |
Auditors Report (Stand Alone)
INDEPENDENT AUDITORS REPORT
TO THE BOARD OF DIRECTORS OF
TATA MOTORS LIMITED
1. | We have audited the accompanying Statement of Standalone Financial Results of Tata Motors Limited (the Company), which includes the financial results of its two Joint Operation Companies consolidated on a proportionate basis, for the year ended March 31, 2017 (the Statement), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. |
This Statement, which is the responsibility of the Companys Management and approved by the Board of Directors, has been compiled from the related standalone Ind AS financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder (Ind AS) and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such standalone financial statements.
2. | We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement. |
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
3. | In our opinion and to the best of our information and according to the explanations given to us, the Statement: |
(i) | includes the results of Fiat India Automobiles Private Limited and Tata Cummins Private Limited, its Joint Operation Companies; |
(ii) | is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and |
(iii) | gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net loss and total comprehensive loss and other financial information of the Company for the year ended March 31, 2017. |
4. | The Statement includes the results for the Quarter ended March 31, 2017 being the balancing figure between audited figures in respect of the full financial year and the audited year to date figures up to the third quarter of the current financial year. |
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firms Registration No. 117366W/W-100018)
B.P. SHROFF
Partner
(Membership No.34382)
MUMBAI, May 23, 2017
News Release - 5 | May 23, 2017 |
Standalone Financial Results
TATA MOTORS LIMITED
Regd.Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001.
CIN L28920MH1945PLC004520
(₹ in crores)
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR
ENDED MARCH 31, 2017
Quarter ended | Year ended | |||||||||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | |||||||||||||||||||||||
Particulars |
2017 | 2016 | 2016 | 2017 | 2016 | |||||||||||||||||||||
Audited | Unaudited | Audited | ||||||||||||||||||||||||
I. |
(a) | Income from operations | 15,092.44 | 11,207.20 | 14,147.98 | 49,100.41 | 47,383.61 | |||||||||||||||||||
II. |
(b) | Other Income | 114.32 | 93.95 | 110.79 | 978.84 | 1,402.31 | |||||||||||||||||||
III. |
Total Income (I+II) |
15,206.76 | 11,301.15 | 14,258.77 | 50,079.25 | 48,785.92 | ||||||||||||||||||||
IV. |
Expenses |
|||||||||||||||||||||||||
(a) | Cost of materials consumed | 7,662.64 | 6,647.44 | 7,326.56 | 27,654.40 | 24,997.40 | ||||||||||||||||||||
(b) | Purchases of products for sale | 1,109.10 | 930.81 | 1,046.04 | 3,945.97 | 4,101.97 | ||||||||||||||||||||
(c) | Changes in inventories of finished goods, work-in-progress and products for sale | 789.10 | (99.14 | ) | (17.54 | ) | (251.43 | ) | 10.05 | |||||||||||||||||
(d) | Excise duty | 1,505.75 | 1,001.78 | 1,348.30 | 4,736.41 | 4,538.14 | ||||||||||||||||||||
(e) | Employee benefits expense | 932.53 | 845.35 | 785.36 | 3,558.52 | 3,188.97 | ||||||||||||||||||||
(f) | Finance costs | 454.52 | 413.73 | 433.59 | 1,590.15 | 1,592.00 | ||||||||||||||||||||
(g) | Foreign exchange (gain)/loss (net) | (255.27 | ) | 44.15 | (9.69 | ) | (252.45 | ) | 222.91 | |||||||||||||||||
(h) | Depreciation and amortisation expense | 809.62 | 728.96 | 565.98 | 2,969.39 | 2,329.22 | ||||||||||||||||||||
(i) | Product development/Engineering expenses | 191.47 | 76.95 | 118.81 | 454.48 | 418.27 | ||||||||||||||||||||
(j) | Other expenses | 2,768.54 | 1,960.04 | 2,571.36 | 8,697.42 | 8,216.65 | ||||||||||||||||||||
(k) | Amount capitalised | (231.43 | ) | (218.06 | ) | (246.91 | ) | (941.55 | ) | (1,034.40 | ) | |||||||||||||||
Total expenses (IV) | 15,736.57 | 12,332.01 | 13,921.86 | 52,161.31 | 48,581.18 | |||||||||||||||||||||
V. |
Profit/(loss) before exceptional items and tax (III-IV) |
(529.81 | ) | (1,030.86 | ) | 336.91 | (2,082.06 | ) | 204.74 | |||||||||||||||||
VI. |
Exceptional Items |
|||||||||||||||||||||||||
(a) | Provision for impairment of investments and cost associated with closure of operations of a subsidiary | | | | | 97.86 | ||||||||||||||||||||
(b) | Provision for impairment of investment in a subsidiary | 73.17 | | | 123.17 | | ||||||||||||||||||||
(c) | Impairment of capitalised property, plant and equipment and other intangible assets | | | | | 163.94 | ||||||||||||||||||||
(d) | Employee separation cost | 67.20 | 0.75 | 0.23 | 67.61 | 10.04 | ||||||||||||||||||||
(e) | Others ( refer note 10) | 147.93 | | | 147.93 | | ||||||||||||||||||||
VII. |
Profit/(loss) before tax (V-VI) |
(818.11 | ) | (1,031.61 | ) | 336.68 | (2,420.77 | ) | (67.10 | ) | ||||||||||||||||
VIII. |
Tax expense/(credit) (net) |
|||||||||||||||||||||||||
(a) | Current tax | 19.01 | 12.41 | (47.65 | ) | 44.52 | (7.34 | ) | ||||||||||||||||||
(b) | Deferred tax | (8.08 | ) | 1.92 | (13.62 | ) | 14.70 | 2.54 | ||||||||||||||||||
Total tax expense/(credit) | 10.93 | 14.33 | (61.27 | ) | 59.22 | (4.80 | ) | |||||||||||||||||||
IX. |
Profit/(loss) for the period from continuing operations (VII-VIII) |
(829.04 | ) | (1,045.94 | ) | 397.95 | (2,479.99 | ) | (62.30 | ) | ||||||||||||||||
X. |
Other comprehensive income/(loss): |
|||||||||||||||||||||||||
(A) | (i) Items that will not be reclassified to profit or loss |
92.81 | (15.22 | ) | 31.63 | 84.02 | 101.96 | |||||||||||||||||||
(ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss |
(17.67 | ) | 7.59 | (1.83 | ) | (3.79 | ) | (7.19 | ) | |||||||||||||||||
(B) | (i)Items that will be reclassified to profit or loss |
6.36 | 2.20 | 19.66 | 23.32 | (13.98 | ) | |||||||||||||||||||
(ii)Income tax (expense)/credit relating to items that will be reclassified to profit or loss |
(2.20 | ) | (0.76 | ) | (6.81 | ) | (8.07 | ) | 4.68 | |||||||||||||||||
Total other comprehensive income/(loss) | 79.30 | (6.19 | ) | 42.65 | 95.48 | 85.47 | ||||||||||||||||||||
XI. |
Total comprehensive income/(loss) for the period (IX+X) |
(749.74 | ) | (1,052.13 | ) | 440.60 | (2,384.51 | ) | 23.17 | |||||||||||||||||
XII. |
Paid-up equity share capital (face value of ₹ 2 each) |
679.22 | 679.22 | 679.18 | 679.22 | 679.18 | ||||||||||||||||||||
XIII. |
Reserves excluding revaluation reserve |
20,129.93 | 22,582.93 | |||||||||||||||||||||||
XIV. |
Earnings per equity share (EPS) |
|||||||||||||||||||||||||
(a) | Ordinary shares (face value of ₹ 2 each) | |||||||||||||||||||||||||
(i) Basic EPS | ₹ | (2.44 | ) | (3.08 | ) | 1.16 | (7.30 | ) | (0.18 | ) | ||||||||||||||||
(ii) Diluted EPS | ₹ | (2.44 | ) | (3.08 | ) | 1.16 | (7.30 | ) | (0.18 | ) | ||||||||||||||||
(b) | A Ordinary shares (face value of ₹ 2 each) | |||||||||||||||||||||||||
(i) Basic EPS | ₹ | (2.44 | ) | (3.08 | ) | 1.26 | (7.30 | ) | (0.18 | ) | ||||||||||||||||
(ii) Diluted EPS | ₹ | (2.44 | ) | (3.08 | ) | 1.26 | (7.30 | ) | (0.18 | ) | ||||||||||||||||
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Not annualised |
Statement of Standalone Assets and Liabilities
(₹ in crores) | ||||||||||||||||||||||||
As at March 31, | As at April 1, | |||||||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||||||
Audited | ||||||||||||||||||||||||
I. |
ASSETS | |||||||||||||||||||||||
(1) | Non-current assets | |||||||||||||||||||||||
(a) | Property, plant and equipment | 17,364.77 | 17,573.25 | 17,389.90 | ||||||||||||||||||||
(b) | Capital work-in-progress | 1,870.93 | 1,557.95 | 1,516.91 | ||||||||||||||||||||
(c) | Goodwill | 99.09 | 99.09 | 99.09 | ||||||||||||||||||||
(d) | Other intangible assets | 2,773.69 | 3,403.47 | 3,221.45 | ||||||||||||||||||||
(e) | Intangible assets under development | 5,366.03 | 4,128.58 | 3,841.00 | ||||||||||||||||||||
(f) | Investments in subsidiaries and associates | 14,778.87 | 14,590.41 | 14,581.90 | ||||||||||||||||||||
(g) | Financial assets | |||||||||||||||||||||||
(i) Investments | 528.37 | 627.07 | 626.26 | |||||||||||||||||||||
(ii) Loans and advances | 389.61 | 252.93 | 310.73 | |||||||||||||||||||||
(iii) Other financial assets | 196.32 | 102.92 | 158.60 | |||||||||||||||||||||
(h) | Non-current tax assets (net) | 724.58 | 799.63 | 647.24 | ||||||||||||||||||||
(i) | Other non-current assets | 1,856.28 | 1,679.01 | 1,612.76 | ||||||||||||||||||||
|
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|
|
|
|
|||||||||||||||||||
45,948.54 | 44,814.31 | 44,005.84 | ||||||||||||||||||||||
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(2) | Current assets | |||||||||||||||||||||||
(a) | Inventories | 5,504.42 | 5,117.92 | 5,019.46 | ||||||||||||||||||||
(b) | Investments in subsidiaries and associates | | | 15.54 | ||||||||||||||||||||
(c) | Financial assets | |||||||||||||||||||||||
(i) Investments | 2,400.92 | 1,745.84 | 4.68 | |||||||||||||||||||||
(ii) Trade receivables | 2,128.00 | 2,045.58 | 1,448.39 | |||||||||||||||||||||
(iii) Cash and cash equivalents | 188.39 | 427.07 | 1,066.47 | |||||||||||||||||||||
(iv) Bank balances other than (iii) above | 97.67 | 361.35 | 83.94 | |||||||||||||||||||||
(v) Loans and advances | 231.35 | 484.44 | 342.58 | |||||||||||||||||||||
(vi) Other financial assets | 100.76 | 125.20 | 40.47 | |||||||||||||||||||||
(d) | Current tax assets (net) | 129.49 | 3.84 | 106.62 | ||||||||||||||||||||
(e) | Other current assets | 1,807.06 | 1,550.45 | 1,345.91 | ||||||||||||||||||||
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|
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12,588.06 | 11,861.69 | 9,474.06 | ||||||||||||||||||||||
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TOTAL ASSETS | 58,536.60 | 56,676.00 | 53,479.90 | |||||||||||||||||||||
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II. |
EQUITY AND LIABILITIES | |||||||||||||||||||||||
(1) | Equity | |||||||||||||||||||||||
(a) | Equity share capital | 679.22 | 679.18 | 643.78 | ||||||||||||||||||||
(b) | Other equity | 20,129.93 | 22,582.93 | 14,505.58 | ||||||||||||||||||||
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|
|||||||||||||||||||
20,809.15 | 23,262.11 | 15,149.36 | ||||||||||||||||||||||
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Liabilities | ||||||||||||||||||||||||
(2) | Non-current liabilities | |||||||||||||||||||||||
(a) | Financial liabilities | |||||||||||||||||||||||
(i) Borrowings | 13,686.09 | 10,599.96 | 12,234.88 | |||||||||||||||||||||
(ii) Other financial liabilities | 1,123.66 | 2,911.84 | 3,749.76 | |||||||||||||||||||||
(b) | Provisions | 850.71 | 750.89 | 711.54 | ||||||||||||||||||||
(c) | Deferred tax liabilities (net) | 97.95 | 71.39 | 66.34 | ||||||||||||||||||||
(d) | Other non-current liabilities | 321.24 | 378.07 | 380.86 | ||||||||||||||||||||
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|
|||||||||||||||||||
16,079.65 | 14,712.15 | 17,143.38 | ||||||||||||||||||||||
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(3) | Current liabilities | |||||||||||||||||||||||
(a) | Financial liabilities | |||||||||||||||||||||||
(i) Borrowings | 5,375.52 | 3,654.72 | 8,173.02 | |||||||||||||||||||||
(ii) Trade payables | 7,015.21 | 5,141.17 | 5,000.18 | |||||||||||||||||||||
(iii) Acceptances | 4,379.29 | 3,887.28 | 3,950.53 | |||||||||||||||||||||
(iv) Other financial liabilities | 2,465.14 | 3,784.19 | 2,324.90 | |||||||||||||||||||||
(b) | Provisions | 467.98 | 450.27 | 378.77 | ||||||||||||||||||||
(c) | Current tax liabilities (net) | 80.64 | 79.27 | 60.50 | ||||||||||||||||||||
(d) | Other current liabilities | 1,864.02 | 1,704.84 | 1,299.26 | ||||||||||||||||||||
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21,647.80 | 18,701.74 | 21,187.16 | ||||||||||||||||||||||
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TOTAL EQUITY AND LIABILITIES | 58,536.60 | 56,676.00 | 53,479.90 | |||||||||||||||||||||
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Notes:
1) | The above results were reviewed and recommended by the Audit Committee at its meeting held on May 22, 2017 and approved by the Board of Directors at its meeting held on May 23, 2017. |
2) | The Company has adopted Indian Accounting Standards (referred to as Ind AS) on April 1, 2016, with the transition date as April 1, 2015 and accordingly these financial results along with the comparatives have been prepared in accordance with the recognition and measurement principles stated therein, prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. |
3) | Other income for the quarter and year ended March 31, 2017, includes dividend from subsidiaries of ₹15.15 crores and ₹657.11 crores, respectively (₹34.40 crores and ₹1,005.53 crores for the quarter and year ended March 31, 2016, respectively). |
4) | The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company. These, in the context of Ind AS 108 on Operating Segments Reporting are considered to constitute one reporting segment. |
5) | Reconciliation between Standalone financial results as reported under erstwhile Indian GAAP (referred to as previous GAAP) and Ind AS are summarised as below: |
a) Equity Reconciliation
(₹ in crores) | ||||||||||
Particulars |
As at March 31, 2016 |
As at April 1, 2015 |
||||||||
Equity as reported under previous GAAP | 22,368.08 | 14,862.59 | ||||||||
a) |
Equity of Joint operations (net of tax) | 177.82 | (62.45 | ) | ||||||
b) |
Movement of financial instruments classified as fair value through Other Comprehensive Income | (100.95 | ) | (101.78 | ) | |||||
c) |
Fair value gain on investments in mutual funds | 9.34 | | |||||||
d) |
Proposed Dividend | 73.00 | | |||||||
e) |
Provision for expected credit losses | (2,130.87 | ) | (2,112.87 | ) | |||||
f) |
Gain on fair value of below market interest loan (net of effective interest rate adjustment) | 447.48 | 396.98 | |||||||
g) |
Effect of adoption of fair value as deemed cost relating to property, plant and equipment and intangibles | 2,506.25 | 2,252.62 | |||||||
h) |
Others (net) |
(51.16 | ) | (49.71 | ) | |||||
i) |
Tax effect on above adjustments | (36.88 | ) | (36.02 | ) | |||||
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Equity under Ind AS | 23,262.11 | 15,149.36 | ||||||||
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b) Profit Reconciliation
(₹ in crores) | ||||||||||
Particulars |
Quarter ended March 31, 2016 |
Year ended March 31, 2016 |
||||||||
Net profit after tax as reported under previous GAAP | 464.99 | 234.23 | ||||||||
a) |
Profits of Joint operations (net of tax) | 128.95 | 239.29 | |||||||
b) |
Reversal of exchange loss accumulated in foreign currency monetary item translation difference account | 20.23 | (82.50 | ) | ||||||
c) |
Effect of adoption of fair value as deemed cost relating to property, plant and equipment and intangibles (net of depreciation and amortisation) | 53.88 | 253.63 | |||||||
d) |
Gain on fair value of below market interest loan (net of effective interest rate adjustment) | 48.38 | 50.50 | |||||||
e) |
Reversal of gain on sale of Investment in equity instruments classified as fair value through Other Comprehensive Income | | (80.38 | ) | ||||||
f) |
Fair value gain on investment in mutual funds | (19.60 | ) | 9.34 | ||||||
g) |
Provision for expected credit losses | 46.64 | (18.00 | ) | ||||||
h) |
Reversal of profit on sale of investments on common control transactions |
(330.37 | ) | (656.36 | ) | |||||
i) |
Others (net) | (12.62 | ) | (12.91 | ) | |||||
j) |
Tax effect on above adjustments | (2.53 | ) | 0.86 | ||||||
Net profit/(loss) after tax as per Ind AS | 397.95 | (62.30 | ) | |||||||
Other Comprehensive Income (net of tax) | 42.65 | 85.47 | ||||||||
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Total Comprehensive Income after tax as per Ind AS | 440.60 | 23.17 | ||||||||
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6) | The listed Non-Convertible Debentures of Tata Motors Limited on standalone basis aggregating to ₹700 crores as at March 31, 2017 are secured by way of charge on certain assets and properties of the Company; both movable and immovable (excluding stock and book debts) and the asset cover thereof exceeds hundred percent of the principal amount of the said debenture. |
7) | Pursuant to Non-Convertible debentures of Tata Motors Limited being listed, below are the details of Tata Motors Limited on a standalone basis excluding interest in Joint Operations pursuant to Regulation 52(4) of the listing regulations: |
Particulars |
Year ended March 31, | |||||||||||
2017 | 2016 | |||||||||||
Debt service coverage ratio (no. of times) [refer note (a)] |
(0.59 | ) | 0.27 | |||||||||
Interest service coverage ratio (no. of times) [refer note (b)] |
(1.71 | ) | 0.60 | |||||||||
Debt Equity ratio [refer note (c)] |
0.90 | 0.68 | ||||||||||
Net Worth [refer note (d)] |
(₹ in crores) | 20,553.77 | 23,121.16 | |||||||||
Capital Redemption Reserve |
(₹ in crores) | 2.28 | 2.28 | |||||||||
Debenture Redemption Reserve |
(₹ in crores) | 1,085.94 | 1,042.15 | |||||||||
Earnings per share (EPS) |
||||||||||||
A. |
Ordinary shares (face value of ₹2 each) |
|||||||||||
(a) |
Basic EPS |
₹ | (7.65) | (0.89 | ) | |||||||
(b) |
Diluted EPS |
₹ | (7.65) | (0.89 | ) | |||||||
B. |
A Ordinary shares (face value of ₹2 each) |
|||||||||||
(a) |
Basic EPS |
₹ | (7.65) | (0.89 | ) | |||||||
(b) |
Diluted EPS |
₹ | (7.65) | (0.89 | ) |
Formulae for calculation of ratios are as follows:
(a) | Debt service coverage ratio = (Profit/(loss) from ordinary activities before tax + Interest on Long term Loans)/(Interest on Long term Loans + Repayment of Long term Loans during the period) |
(b) | Interest service coverage ratio = (Profit/(loss) from ordinary activities before tax + Interest on Long term Loans)/Interest on Long term Loans |
For the purpose of calculation in (a) and (b) above, loans having original maturity of more than 360 days are considered as Long term Loans.
(c) | Debt Equity Ratio = Total Debt/Equity |
(d) | Net Worth = Equity share capital + Other equity |
8) | The above results include the Companys proportionate share of income and expenditure in its two Joint Operations, namely Tata Cummins Private Limited and Fiat India Automobiles Private Limited. Below are supplementary details of Tata Motors Limited on standalone basis excluding interest in the aforesaid two Joint Operations: |
(₹ in crores) | ||||||||||||||||||||||
Quarter ended | Year ended | |||||||||||||||||||||
Particulars |
March 31, | December 31, | March 31, | March 31, | ||||||||||||||||||
2017 | 2016 | 2016 | 2017 | 2016 | ||||||||||||||||||
1 |
Income from operations |
14,802.48 | 11,056.23 | 13,911.18 | 48,319.90 | 46,715.90 | ||||||||||||||||
2 |
Profit/(loss) before tax |
(929.24 | ) | (1,073.09 | ) | 170.92 | (2,619.28 | ) | (393.88 | ) | ||||||||||||
3 |
Profit/(loss) after tax |
(896.00 | ) | (1,084.84 | ) | 268.15 | (2,597.62 | ) | (302.44 | ) |
9) | During the quarter ended March 31, 2017, the Company reviewed the presentation of the foreign exchange gain/loss and considered to present gain/loss relating to hedges with underlying hedged items. Foreign exchange gain/loss unrelated to hedging are presented separately in the Statement of Profit and Loss. Figures for the previous periods have been regrouped accordingly. |
10) | Exceptional item VI (e) of ₹147.93 crores for the year ended March 31, 2017, relates to provision for inventory of BS III vehicles as at March 31, 2017. This does not include higher level of customer discounts and variable marketing expenses in March 2017, to support higher level of retail sales, which have been netted off against Income from operations. |
11) | Figures for the quarters ended March 31, 2017 and 2016 represent the difference between the audited figures in respect of full financial years and the published figures for the nine months ended December 31, 2016 and 2015, respectively. |
12) | The Statutory Auditors have carried out an audit of the above results for the quarter and year ended March 31, 2017 and have issued an unmodified opinion on the same. The results for the quarter ended March 31, 2016 have been subjected to limited review. |
Tata Motors Limited
Guenter Butschek
Mumbai, May 23, 2017 | CEO and Managing Director |
For further press queries please contact Mr. Suresh Rangarajan at +00 91 22 66657289 or email at: suresh.rangarajan@tatamotors.com.
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