Tata Motors, the Indian automobile giant, has posted a quarterly net profit but missed estimates due to higher realised hedging losses and a one-time provision at its British luxury unit Jaguar Land Rover.
The company has reported a net profit (post profit/loss in respect of joint ventures and associate companies) at Rs 848 crore for the quarter ended September 30, 2016.
The company had reported a consolidated loss after tax (post profit/loss in respect of joint ventures and associate companies) of Rs 1,740 crore for the corresponding quarter last year.
The company informed the BSE in a regulatory filing that its consolidated revenue stood at Rs 67,000 crore during the quarter under review, up 6.94 per cent compared to Rs 62,647 crore during the like period of the previous fiscal.
"Consolidated profit before tax (before exceptional item) for the quarter was Rs 983 crores, against Rs 1,191 crores for the corresponding quarter last year," the company said in a statement.
"Broadly due to higher volumes and favourable operating exchange in Jaguar Land Rover business more than offset by the realised hedging losses of Rs 3,510 crore, and adverse commodity derivatives impact of Rs 187 crore."
The corresponding quarter of last year included an exceptional item of Rs 2,493 crore on account of the vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business.
Segment-wise, Jaguar Land Rover's net profit stood at £244 million (Rs 2065 crore) for the quarter ended September 30, 2016, compared to a loss after tax of £92 million (Rs 778 crore) in the corresponding period last year.
The JLR's total retail sales, including the China JV (joint venture), in the second quarter were 142,459 units, up 29.3 per cent.
Tata Daewoo Commercial Vehicles registered net revenue of approximately Rs 1,440 crore and recorded a net profit of Rs 48 crore during the quarter under review.
Tata Motors Finance, the company's financing subsidiary, registered a net revenue from operations of Rs 673 crore and reported a loss after tax of Rs 7 crore during the quarter.
On a standalone basis, the company reported a decline of 118.33 per cent in its net profit including joint operations for the quarter ended September 30, 2016.
"Loss before and after tax for the quarter ended September 30, 2016, for the standalone business (including joint operations) was Rs 609 crore and Rs 631 crore, respectively, against loss before and after tax of Rs 272 crore and Rs 289 crore, respectively, for the corresponding quarter last year," the statement said.
The automobile major's standalone revenue, including joint operations, during the quarter under review decreased by 3.28 per cent to Rs 11,406 crore from Rs 11,794 crore earned during the corresponding period of last year.
Tata Motors' sales of commercial and passenger vehicles including exports for the second quarter of the financial year stood at 134,397 units representing a growth of 6.1 per cent as compared to the corresponding period of the previous year.
With IANS Inputs