First Cut - Tata motors
RAJESH DESAI
Dear Sir/Madam,
Tata motors Ltd . announced its Q2 FY13 results on 07th November 2012. The company’s consolidated Net sales increased by 0.18% and 20% on QoQ and YoY basis respectively. EBITDA increased by 18% on YoY basis but declined by 7% on QoQ. EBITDA Margin of the company decreased from 13.28% to 12.29% on QoQ. consolidated PAT increased by 11% on YoY but declined by 8% on QoQ basis. PAT missed analysts’ estimates because demand for Jaguar Land Rover unit slowed in Europe.
|
Particulars |
Consensus Est |
Actual |
Var (%) |
|
Revenues |
43970 |
43403 |
-1.3% |
|
EBITDA |
5599 |
5,534 |
-1.2% |
|
PAT |
2388 |
2075 |
-13.1% |
|
Ajd.EPS |
7.18 |
6.46 |
-10.0% |
consolidated | |||||
|
DESCRIPTION |
September-12 |
September-11 |
June-12 |
YoY Change(%) |
QoQ Change(%) |
|
Net Sales |
43403 |
36,198 |
43,324 |
20% |
0.18% |
|
Total Expenditure |
38069 |
31,694 |
37,569 |
|
|
|
EBITDA |
5334 |
4,504 |
5,755 |
18% |
-7% |
|
EBITDA margins |
12.29% |
12.44% |
13.28% |
|
|
|
Other Income |
207 |
345 |
239 |
|
|
|
Operating Profit |
5540 |
4849 |
5993 |
|
|
|
Interest |
847 |
810 |
804 |
|
|
|
Exceptional Items |
-10 |
-439 |
-441 |
|
|
|
PBDT |
4683 |
3601 |
4749 |
|
|
|
Depreciation |
1594 |
1331 |
1566 |
|
|
|
PBT |
3089 |
2270 |
3183 |
|
|
|
Tax |
988 |
363 |
869 |
|
|
|
Profit After Tax |
2101 |
1907 |
2314 |
10% |
-9% |
|
Minority Interest |
-3 |
-34 |
-41 |
|
|
|
Shares of Associates |
-23 |
4 |
-28 |
|
|
|
Consolidated Net Profit |
2075 |
1877 |
2245 |
11% |
-8% |
|
PAT margins |
4.78% |
5.19% |
5.18% |
|
|
|
Equity Capital |
6.37.98 |
634.75 |
637.98 |
|
|
|
Face Value (In Rs) |
2 |
2 |
2 |
|
|
|
EPS |
6.46 |
5.65 |
7.04 |
14% |
-8% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai