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Telco: CV comes as a surprise

Jan 22, 2004

Tata Motors (Telco) has reported a robust result for the third quarter ended December 2003. Backed by a 47% rise in commercial vehicle (CV) sales and a 60% rise in car unit sales in 3QFY04, revenues have grown 55% in 3QFY04. One of the key aspects to note is that the exports to Rover has commenced in December 2003.

(Rs m) 3QFY03 3QFY04 Change
Net sales 21,933 33,983 54.9%
Other income 2 167 7833.3%
Expenditure 19,066 29,102 52.6%
Operating profit (EBDITA) 2,866 4,881 70.3%
Operating profit margin (%) 13.1% 14.4%  
Interest 671 474 -29.4%
Depreciation 884 930 5.1%
Profit before tax 1,313 3,644 177.6%
Extraordinary items - (26) -
Tax 555 1,509 171.7%
Profit after tax/(loss) 757 2,109 178.5%
Net profit margin (%) 3.5% 6.2%  
No. of shares (m) 319.8 319.8  
Diluted earnings per share (Rs)* 9.5 26.4  
P/E ratio (x)   15.8  
(* annualised)      

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