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Telco: 'CV'ing to glory…

Jan 22, 2003

Tata Motors (Telco), the market leader in the commercial vehicle segment (CV), has posted a solid growth in both topline and operating profits for the third quarter ended December 2002. Backed by a robust rise in CV volumes in the first nine months, the auto major, as expected, is back in the black.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Net sales 17,727 21,933 23.7% 54,592 61,022 11.8%
Other Income 2 2 40.0% 856 111 -87.0%
Expenditure 16,295 19,066 17.0% 51,981 53,314 2.6%
Operating Profit (EBDIT) 1,431 2,866 100.3% 2,611 7,708 195.2%
Operating Profit Margin (%) 8.1% 13.1%   4.8% 12.6%  
Interest 979 671 -31.4% 2,938 2,361 -19.7%
Depreciation 922 884 -4.1% 3,495 2,679 -23.3%
Profit before Tax (469) 1,313 - (2,966) 2,780 -
Extraordinary items (87) - - (572) - -
Tax - 555 - - 1,155 -
Profit after Tax/(Loss) (555) 757 - (3,538) 1,626 -
Net profit margin (%) -3.1% 3.5%   -6.5% 2.7%  
No. of Shares (m) 255.9 319.8   255.9 319.8  
Earnings per share (Rs)* (6.9) 9.5   (14.7) 6.8  
P/E (x)         24.2  

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