Indicate by
check mark whether the registrant files or will file annual reports under cover Form
20-F
or Form
40-F.
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.
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|
|
|
|
Tata Motors Limited
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|
|
|
|
By:
|
|
/s/ Hoshang K Sethna
|
|
Name:
|
|
Hoshang K Sethna
|
|
Title:
|
|
Company Secretary
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|
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|
Dated:
|
|
February 14, 2017
|
Item 1
Tata Motors Limited
Bombay
House
24, Homi Mody Street,
Mumbai 400 001 Maharashtra India
|
|
|
|
|
News Release - 1
|
|
February 14, 2017
|
Consolidated Net Revenue Rs. 67,484 crores, Consolidated PAT Rs.112 crores
Consolidated Financial Results for the Quarter and Nine months ended December 31, 2016 – As per Ind AS
For the quarter ended December 31, 2016, Tata Motors reported consolidated revenues (net of excise) of
Rs.
67,484
crores as against
Rs.
70,567
crores for the corresponding quarter last year (unfavourable translation impact of
Rs.
10,670 crores). Consolidated Profit before tax for the quarter was
Rs.
599
crores, against
Rs.
3,414
crores for the corresponding quarter last year. This broadly reflects:-
|
|
•
|
|
In Jaguar Land Rover business-
|
|
|
•
|
|
Strong retail sales, up 8.5%
y-o-y
on continued strong demand for the product, revenue (in
£
) up 13.1%
y-o-y;
|
|
|
•
|
|
Lower wholesale volumes and relatively weaker product mix (including the run out of Discovery) in Jaguar Land Rover business, overall higher marketing expenses partially offset by credit relating to the recovery because
of explosion at the port of Tianjin (China).
|
|
|
•
|
|
In Standalone business-
|
|
|
•
|
|
De-growth
in the M&HCV segment and flat LCV segment partially offset by growth in Car segment.
|
Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the quarter was
Rs.
112
crores, against the Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) of
Rs.
2,953
crores for the corresponding quarter last year.
For the nine months ended December 31, 2016, the Consolidated revenue (net of excise) was
Rs.
1,99,429
crores against
Rs.
1,92,543
crores (unfavourable translation impact of
Rs.
18,840 crores) for the corresponding period last year. The Consolidated Profit before tax for the nine months ended December 31, 2016 was
Rs.
4,149
crores against
Rs.
8,237
crores for the corresponding period last year. Consolidated Profit after tax (post profit / loss in respect of joint ventures and associate companies) for the nine months
ended December 31, 2016 was
Rs.
3,220
crores, as against
Rs.
6,467
crores for the corresponding period last year.
Tata Motors Standalone Financial Results (including Joint Operations) for the Quarter and Nine months ended
December 31, 2016 - As per Ind AS
During the quarter, Commercial vehicle segments of the Company witnessed demand shrinkage due to the demonetization
–M&HCV segment witnessed major pressure with a fall of 9.0%
Y-o-Y
and LCV segment was overall flat. Passenger vehicles segment grew by 25.4%
Y-o-Y
with Car segment growth of 31.1%
Y-o-Y
on the back of continued strong response to the
Tiago. Exports grew by 34.6%
Y-o-Y.
The sales (including exports) of
commercial and passenger vehicles for the quarter ended December 31, 2016, stood at 132,572 units, a growth of 7.5%, as compared to the corresponding quarter last year. The revenues (net of excise) of the Standalone business (including Joint
Operations) for the quarter ended December 31, 2016 stood at
Rs.
10,167
crores, as compared to
Rs.
10,019
crores for the corresponding quarter last year. Operating profit (EBITDA) of the Standalone
business (including Joint Operations) for the quarter stood at
Rs.
153
crores with operating margin at
1.5%
. Loss before and after tax for the quarter ended December 31, 2016 was
Rs.
1,032
crores
and
Rs.
1,046
crores, respectively, against
Rs.
139
crores and
Rs.
137
crores, respectively, for the corresponding quarter last year.
The revenues (net of excise) of the Standalone business (including Joint Operations) for the nine months ended December 31, 2016, stood at
Rs.
30,940
crores as compared to
Rs.
30,068
crores in the corresponding period last year. Operating profit (EBITDA) of the Standalone business (including Joint Operations) for the nine months stood at
Rs.
1,229
crores with operating margin at
4.0%
. Loss before and after tax for nine months ended December 31, 2016 was
Rs.
1,603
crores and
Rs.
1,651
crores, respectively,
against the
Rs.
404
crores and
Rs.
460
crores, respectively, for the corresponding period last year.
Jaguar
Land Rover Automotive PLC - (figures as per IFRS)
Total Retail sales including the China JV in the third quarter were 149,288 units, up 8.5% on strong
demand for products, primarily reflecting higher volumes in China (incl. CJLR), North America and Europe led by strong sales of Discovery Sport,
F-PACE
and the new long wheel base XFL in China. Jaguar Land
Rover wholesales and retails excluding the China JV for the quarter were 130,910 units and 129,893 units, respectively. China JV wholesales and retails for the quarter were 21,335 units and 19,395 units, respectively.
Revenues for the quarter ended December 31, 2016 were
£
6,537
million (up 13.1%
Y-o-Y),
compared
to
£
5,781
million for the corresponding quarter last year. Operating profit (EBITDA) for the quarter was
£
611
million (
9.3%
margin), compared to
£
834
million (
14.4%
margin) for the corresponding quarter last year. The Operating performance in the quarter reflects
|
|
•
|
|
Lower wholesale volumes and less favourable product mix partially offset by favourable market mix (including the runout of Discovery);
|
|
|
•
|
|
Unfavourable variable marketing expense including the extended 16MY runout expenses in the US;
|
|
|
•
|
|
Higher new model launch costs and Biennial pay negotiation settlement;
|
|
|
•
|
|
Favourable operating exchange offset by realized hedges.
|
Profit before tax (PBT) was
£
255
million for the quarter ended December 31, 2016 (after an exceptional item of
£
85
million of further recoveries related to Tianjin) compared to
£
499
million in the
corresponding quarter last year (which also included an exceptional item of
£
30
million of recoveries related to Tianjin). The PBT performance reflects:
|
|
•
|
|
Lower EBITDA as explained above and higher depreciation and amortisation,
|
|
|
•
|
|
Unfavourable unrealized FX and commodity hedge revaluation as well as USD debt revaluation partially offset by
|
|
|
•
|
|
Higher China JV profitability (
£
35
million in Q3 FY 17 vs
£
22
million in Q3 FY 17) and lower net finance expenses.
|
|
|
•
|
|
Further recoveries related to Tianjin
(
£
85
million compared to
£
30
million a year ago)
|
Profit after Tax (PAT) was
£
167
million for the quarter ended December 31, 2016
compared to
£
440
million in the corresponding quarter last year.
Revenues for the nine months ended December 31, 2016 stood
at
£
17,951
million, compared to
£
15,614
million in the corresponding period of last year and operating profit (EBITDA) stood at
£
1,898
million for the nine months, compared
to
£
2,244
million in the corresponding period of last year. PBT for the nine months ended December 31, 2016 was
£
934
million compared to
£
980
million in the
corresponding period of last year and PAT for the nine months stood at
£
715
million compared to
£
840
million in the corresponding period of last year.
Tata Daewoo Commercial Vehicles Co. Ltd - (figures as per Korean GAAP)
Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of
KRW
268
billion (approx.
Rs.
1,603
crores) and
recorded a net profit of
KRW
15
billion (approx.
Rs.
90
crores) in the quarter ended December 31, 2016. Net revenue and net profit for the nine months ended December 31, 2016 stood at
KRW
773
billion (approx.
Rs.
4,509
crores) and
KRW
36
billion (approx.
Rs.
210
crores), respectively.
Tata Motors Finance Ltd- (As per I GAAP)
Tata Motors
Finance Ltd, the Company’s captive financing subsidiary, on a consolidated basis registered net revenue from operations of
Rs.
688
crores and reported a Loss after tax of
Rs.
3
crores for the quarter
ended December 31, 2016. Net revenue from operations and Profit after tax for the nine months ended December 31, 2016 stood at
Rs.
2,104
crores and
Rs.
9
crores, respectively.
The Financial Results for the Quarter ended December 31, 2016, are enclosed.
For further information, please contact
Suresh
Rangarajan
Head-Corporate Communications
Tata Motors
Limited
Phone: 00 91 22 6665 7289
www.tatamotors.com
|
|
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|
|
News Release – 2
|
|
February 14, 2017
|
Auditors Report (Consolidated)
INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
TATA MOTORS LIMITED
|
1.
|
We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of
TATA
MOTORS
LIMITED
(“the Parent”) and its subsidiaries (the Parent and its subsidiaries together
referred to as “the Group”), and its share of the profit / (loss) of its joint ventures and associates for the quarter and nine months ended December 31, 2016 (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 Parent’s Management and approved by the Board of Directors, has been prepared in
accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant
rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.
|
2.
|
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”
,
issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to
inquiries of Parent’s personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
|
|
3.
|
The Statement includes the results of the entities listed in
Annexure
I
.
|
|
4.
|
We did not review the interim financial information of 5 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total revenues of Rs.56,586 crores and
Rs.166,337 crores for the quarter and nine months ended December 31, 2016 respectively, and total profit after tax of Rs.1,426 crores and Rs.5,368 crores for the quarter and nine months respectively and Total comprehensive income of Rs.1,144
crores for the quarter and Total comprehensive loss of Rs.15,924 crores for nine months ended December 31, 2016, as considered in the consolidated unaudited financial results.
|
The consolidated unaudited financial results also includes the Group’s share of profit after tax of Rs.16 crores and Rs.14 crores and
Total comprehensive income of Rs.16 crores and Rs.14 crores for the quarter and nine months ended December 31, 2016, respectively, as considered in the consolidated unaudited financial results, in respect of 2 associates, whose interim
financial information have not been reviewed by us.
These interim financial information have been reviewed by other auditors whose reports
have been furnished to us by the Management and our report 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 the reports of the other auditors.
|
5.
|
Based on our review conducted as stated above and based on the consideration of the reports of the other auditors referred to in paragraph 4 above, nothing has come to our attention that causes us to believe that the
accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms 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, including the manner in which it is to be disclosed, or that it contains any material misstatement.
|
|
6.
|
The consolidated unaudited financial results includes the interim financial information of 20 subsidiaries which have not been reviewed / audited by their auditors, whose interim financial information reflect total
revenue of Rs.133 crores and Rs.360 crores for the quarter and nine months ended December 31, 2016, respectively, and total loss after tax of Rs.28 crores and Rs.106 crores and Total comprehensive loss of Rs.28 crores and Rs.106 crores for the
quarter and nine months ended December 31, 2016, respectively, as considered in the consolidated unaudited financial results.
|
The consolidated unaudited financial results also includes the Group’s share of profit after tax of Rs.44 crores and Rs.61 crores and
Total comprehensive income of Rs.44 crores
and Rs.61 crores for the quarter and nine months ended December 31, 2016, respectively, as considered in the consolidated unaudited financial results, in respect of 1 associate, based on its
interim financial information which has not been reviewed / audited by its auditor.
According to the information and explanations given to
us by the Management, the above financial information is not material to the Group.
Our report on the Statement is not modified in respect of our reliance on the interim financial
information certified by the Management.
For
DELOITTE
HASKINS
&
SELLS
LLP
Chartered Accountants
(Firm’s
Registration No.
117366W/W-100018)
B.P.Shroff
Partner
(Membership No. 34382)
MUMBAI, February 14, 2017
ANNEXURE I TO THE INDEPENDENT AUDITOR’S REVIEW REPORT
(Referred to in paragraph 3 under Independent Auditor’s Review 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
|
|
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 Portugal - Veículos 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
|
|
48
|
Land Rover Exports Limited
|
|
49
|
Land Rover Ireland Limited
|
|
50
|
The Daimler Motor Company Limited
|
|
51
|
Daimler Transport Vehicles Limited
|
|
53
|
The Lanchester Motor Company Limited
|
|
54
|
Shanghai Jaguar Land Rover Automotive Services Company Limited
|
|
55
|
Jaguar Land Rover Pension Trustees Limited
|
|
57
|
Jaguar Land Rover Slovakia s.r.o
|
|
58
|
Jaguar Land Rover Singapore Pte. Ltd
|
|
60
|
InMotion Ventures Limited
|
|
61
|
InMotion Ventures 1 Limited
|
|
62
|
InMotion Ventures 2 Limited
|
|
63
|
InMotion Ventures 3 Limited
|
|
64
|
Jaguar Land Rover Columbia S.A.S
|
(iii) Subsidiaries of Tata Technologies Ltd.
|
65
|
Tata Technologies Inc.
|
|
66
|
Tata Technologies de Mexico, S.A. de C.V.
|
|
67
|
Tata Technologies Pte Limited
|
|
68
|
Tata Technologies (Thailand) Limited
|
|
69
|
Tata Technologies Europe Limited
|
|
70
|
INCAT International Plc.
|
|
76
|
Midwest Managed Services Inc.
|
|
77
|
Cambric Manufacturing Technologies (Shanghai) Company Limited
|
(iv) Subsidiaries of Tata
Motors Finance Ltd.
|
78
|
Tata Motors Finance Solutions Limited
|
|
79
|
Sheba Properties Limited
|
(C) ASSOCIATES
|
1
|
Jaguar Cars Finance Limited
|
|
2
|
Automobile Corporation of Goa Limited
|
|
4
|
Tata Hitachi Construction Machinery Company Private Limited
|
|
5
|
Tata Precision Industries (India) Limited
|
|
6
|
Tata AutoComp Systems Limited
|
(D) JOINT ARRANGEMENTS
|
|
1.
|
Tata Cummins Private Limited
|
|
|
2.
|
Fiat India Automobiles Private Limited
|
|
|
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
|
|
February 14, 2017
|
Consolidated Financial Results
TATA MOTORS LIMITED
Regd. Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001.
CIN L28920MH1945PLC004520
(Rs.
in crores)
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
Nine months ended
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
Particulars
|
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
(Refer Notes Below)
|
|
|
|
|
Unaudited
|
|
|
1
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Sales/Income from operations
|
|
|
|
|
|
|
67,864.95
|
|
|
|
66,240.02
|
|
|
|
69,398.07
|
|
|
|
200,515.40
|
|
|
|
192,516.41
|
|
|
|
|
(b)
|
|
Other operating income
|
|
|
|
|
|
|
676.12
|
|
|
|
759.67
|
|
|
|
2,218.51
|
|
|
|
2,081.46
|
|
|
|
3,257.54
|
|
|
|
|
|
|
Total Income from operations
|
|
|
|
|
|
|
68,541.07
|
|
|
|
66,999.69
|
|
|
|
71,616.58
|
|
|
|
202,596.86
|
|
|
|
195,773.95
|
|
|
2
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Cost of materials consumed (including basis adjustment on purchase of inventories)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Cost of materials consumed
|
|
|
|
|
|
|
38,746.48
|
|
|
|
36,969.79
|
|
|
|
37,666.15
|
|
|
|
118,389.10
|
|
|
|
108,075.39
|
|
|
|
|
|
|
(ii) Basis adjustment on hedge accounted derivatives
|
|
|
|
|
|
|
(347.36
|
)
|
|
|
(267.48
|
)
|
|
|
603.64
|
|
|
|
(507.79
|
)
|
|
|
1,800.81
|
|
|
|
|
(b)
|
|
Purchase of products for sale
|
|
|
|
|
|
|
3,818.63
|
|
|
|
2,921.11
|
|
|
|
3,174.44
|
|
|
|
10,000.60
|
|
|
|
9,621.24
|
|
|
|
|
(c)
|
|
Changes in inventories of finished goods,
work-in-progress
and products for sale
|
|
|
|
|
|
|
(2,205.49
|
)
|
|
|
(347.58
|
)
|
|
|
2,019.18
|
|
|
|
(9,502.97
|
)
|
|
|
(2,575.76
|
)
|
|
|
|
(d)
|
|
Excise duty
|
|
|
|
|
|
|
1,009.77
|
|
|
|
1,099.27
|
|
|
|
1,024.49
|
|
|
|
3,270.19
|
|
|
|
3,256.89
|
|
|
|
|
(e)
|
|
Employee benefits expense
|
|
|
|
|
|
|
7,044.64
|
|
|
|
6,793.85
|
|
|
|
7,375.27
|
|
|
|
21,305.54
|
|
|
|
21,160.02
|
|
|
|
|
(f)
|
|
Depreciation and amortisation expense
|
|
|
|
|
|
|
4,229.95
|
|
|
|
4,453.98
|
|
|
|
4,261.95
|
|
|
|
13,234.75
|
|
|
|
12,365.31
|
|
|
|
|
(g)
|
|
Product development/Engineering expenses
|
|
|
|
|
|
|
814.10
|
|
|
|
741.96
|
|
|
|
853.53
|
|
|
|
2,427.20
|
|
|
|
2,402.07
|
|
|
|
|
(h)
|
|
Other expenses
|
|
|
|
|
|
|
18,833.86
|
|
|
|
17,119.45
|
|
|
|
14,397.91
|
|
|
|
50,982.10
|
|
|
|
38,143.33
|
|
|
|
|
(i)
|
|
Amount capitalised
|
|
|
|
|
|
|
(4,334.77
|
)
|
|
|
(4,313.25
|
)
|
|
|
(4,352.52
|
)
|
|
|
(12,832.88
|
)
|
|
|
(12,489.35
|
)
|
|
|
|
|
|
Total expenses
|
|
|
|
|
|
|
67,609.81
|
|
|
|
65,171.10
|
|
|
|
67,024.04
|
|
|
|
196,765.84
|
|
|
|
181,759.95
|
|
|
3
|
|
Profit from operations before other income, finance costs and exceptional items
(1 - 2)
|
|
|
|
|
|
|
931.26
|
|
|
|
1,828.59
|
|
|
|
4,592.54
|
|
|
|
5,831.02
|
|
|
|
14,014.00
|
|
|
4
|
|
Other income
|
|
|
|
|
|
|
167.41
|
|
|
|
179.38
|
|
|
|
192.77
|
|
|
|
520.38
|
|
|
|
673.63
|
|
|
5
|
|
Profit from ordinary activities before finance costs and exceptional items (3 +
4)
|
|
|
|
|
|
|
1,098.67
|
|
|
|
2,007.97
|
|
|
|
4,785.31
|
|
|
|
6,351.40
|
|
|
|
14,687.63
|
|
|
6
|
|
Finance costs
|
|
|
|
|
|
|
870.71
|
|
|
|
1,024.85
|
|
|
|
1,138.26
|
|
|
|
3,074.04
|
|
|
|
3,509.73
|
|
|
7
|
|
Profit from ordinary activities after finance costs but before exceptional items
(5 - 6)
|
|
|
|
|
|
|
227.96
|
|
|
|
983.12
|
|
|
|
3,647.05
|
|
|
|
3,277.36
|
|
|
|
11,177.90
|
|
|
8
|
|
Exceptional items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Exchange (gain)/loss (net) including on revaluation of foreign currency borrowings, deposits and
loans
|
|
|
|
|
|
|
345.19
|
|
|
|
(27.16
|
)
|
|
|
369.23
|
|
|
|
323.44
|
|
|
|
530.49
|
|
|
|
|
(b)
|
|
Employee separation cost
|
|
|
|
|
|
|
0.75
|
|
|
|
(0.34
|
)
|
|
|
(0.70
|
)
|
|
|
0.41
|
|
|
|
10.37
|
|
|
|
|
(c)
|
|
Others (refer note 3)
|
|
|
|
|
|
|
(716.57
|
)
|
|
|
11.33
|
|
|
|
(135.33
|
)
|
|
|
(1,195.78
|
)
|
|
|
2,399.57
|
|
|
9
|
|
Profit/(loss) from ordinary activities before tax (7 - 8)
|
|
|
|
|
|
|
598.59
|
|
|
|
999.29
|
|
|
|
3,413.85
|
|
|
|
4,149.29
|
|
|
|
8,237.47
|
|
|
10
|
|
Tax expense/(credit) (net)
|
|
|
|
|
|
|
866.95
|
|
|
|
424.63
|
|
|
|
668.98
|
|
|
|
2,011.61
|
|
|
|
1,888.41
|
|
|
11
|
|
Net profit/(loss) for the period
(9-10)
|
|
|
|
|
|
|
(268.36
|
)
|
|
|
574.66
|
|
|
|
2,744.87
|
|
|
|
2,137.68
|
|
|
|
6,349.06
|
|
|
12
|
|
Share of profit/(loss) of Joint ventures and associates (net)
|
|
|
|
|
|
|
379.93
|
|
|
|
273.50
|
|
|
|
207.80
|
|
|
|
1,082.45
|
|
|
|
117.64
|
|
|
13
|
|
Net profit/(loss) after taxes, share of profit/(loss) of joint ventures and
associates (11+12)
|
|
|
|
|
|
|
111.57
|
|
|
|
848.16
|
|
|
|
2,952.67
|
|
|
|
3,220.13
|
|
|
|
6,466.70
|
|
|
14
|
|
Attributable to :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company
|
|
|
|
|
|
|
93.77
|
|
|
|
828.36
|
|
|
|
2,934.05
|
|
|
|
3,158.51
|
|
|
|
6,403.45
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
|
|
|
|
17.80
|
|
|
|
19.80
|
|
|
|
18.62
|
|
|
|
61.62
|
|
|
|
63.25
|
|
|
15
|
|
Other Comprehensive Income/(loss) (including relating to joint ventures and
associates (net of tax)) (OCI)
|
|
|
|
|
|
|
(2,701.72
|
)
|
|
|
(11,625.15
|
)
|
|
|
(4,277.76
|
)
|
|
|
(29,365.03
|
)
|
|
|
7,761.73
|
|
|
16
|
|
Total Comprehensive Income/(loss) (after tax) (13+15)
|
|
|
|
|
|
|
(2,590.15
|
)
|
|
|
(10,776.99
|
)
|
|
|
(1,325.09
|
)
|
|
|
(26,144.90
|
)
|
|
|
14,228.43
|
|
|
17
|
|
Attributable to :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company
|
|
|
|
|
|
|
(2,604.66
|
)
|
|
|
(10,783.12
|
)
|
|
|
(1,341.79
|
)
|
|
|
(26,186.81
|
)
|
|
|
14,153.05
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
|
|
|
|
14.51
|
|
|
|
6.13
|
|
|
|
16.70
|
|
|
|
41.91
|
|
|
|
75.38
|
|
|
18
|
|
Paid-up
equity share capital (face value of
Rs.2 each)
|
|
|
|
|
|
|
679.22
|
|
|
|
679.18
|
|
|
|
679.18
|
|
|
|
679.22
|
|
|
|
679.18
|
|
|
19
|
|
Earnings per share (EPS) (Not annualised)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
Ordinary shares (face value of Rs.2 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Basic EPS
|
|
|
Rs.
|
|
|
|
0.26
|
|
|
|
2.42
|
|
|
|
8.63
|
|
|
|
9.29
|
|
|
|
18.96
|
|
|
|
|
(b)
|
|
Diluted EPS
|
|
|
Rs.
|
|
|
|
0.26
|
|
|
|
2.42
|
|
|
|
8.62
|
|
|
|
9.28
|
|
|
|
18.96
|
|
|
|
|
B.
|
|
‘A’ Ordinary shares (face value of Rs.2 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Basic EPS
|
|
|
Rs.
|
|
|
|
0.36
|
|
|
|
2.52
|
|
|
|
8.73
|
|
|
|
9.39
|
|
|
|
19.06
|
|
|
|
|
(b)
|
|
Diluted EPS
|
|
|
Rs.
|
|
|
|
0.36
|
|
|
|
2.52
|
|
|
|
8.72
|
|
|
|
9.38
|
|
|
|
19.06
|
|
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 Company’s
other segment comprises primarily activities relating to information technology or IT services, machine tools and factory automation solutions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Rs. in crores)
|
|
|
|
|
|
|
Quarter ended
|
|
|
Nine months ended
December 31,
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
Particulars
|
|
Unaudited
|
|
|
A.
|
|
Segment Revenue :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income from operations (net)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
Automotive and related activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Tata and other brands vehicles and financing thereof
|
|
|
13,213.15
|
|
|
|
13,188.63
|
|
|
|
12,613.18
|
|
|
|
39,801.25
|
|
|
|
37,824.87
|
|
|
|
|
- Jaguar and Land Rover
|
|
|
54,917.68
|
|
|
|
53,374.81
|
|
|
|
58,627.99
|
|
|
|
161,563.83
|
|
|
|
156,990.36
|
|
|
|
|
Less: Intra segment eliminations
|
|
|
(14.52
|
)
|
|
|
(19.17
|
)
|
|
|
(14.41
|
)
|
|
|
(53.41
|
)
|
|
|
(55.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Total
|
|
|
68,116.31
|
|
|
|
66,544.27
|
|
|
|
71,226.76
|
|
|
|
201,311.67
|
|
|
|
194,760.02
|
|
|
II.
|
|
Others
|
|
|
766.64
|
|
|
|
792.11
|
|
|
|
764.16
|
|
|
|
2,307.28
|
|
|
|
2,146.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment Revenue
|
|
|
68,882.95
|
|
|
|
67,336.38
|
|
|
|
71,990.92
|
|
|
|
203,618.95
|
|
|
|
196,906.73
|
|
|
|
|
Less: Inter segment revenue
|
|
|
(341.88
|
)
|
|
|
(336.69
|
)
|
|
|
(374.34
|
)
|
|
|
(1,022.09
|
)
|
|
|
(1,132.78
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income from Operations
|
|
|
68,541.07
|
|
|
|
66,999.69
|
|
|
|
71,616.58
|
|
|
|
202,596.86
|
|
|
|
195,773.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
(349.06
|
)
|
|
|
(48.31
|
)
|
|
|
253.82
|
|
|
|
182.01
|
|
|
|
995.26
|
|
|
|
|
- Jaguar and Land Rover
|
|
|
1,213.96
|
|
|
|
1,816.08
|
|
|
|
4,219.24
|
|
|
|
5,469.23
|
|
|
|
12,778.88
|
|
|
|
|
Less: Intra segment eliminations
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Total
|
|
|
864.90
|
|
|
|
1,767.77
|
|
|
|
4,473.06
|
|
|
|
5,651.24
|
|
|
|
13,774.14
|
|
|
II.
|
|
Others
|
|
|
106.99
|
|
|
|
102.94
|
|
|
|
134.53
|
|
|
|
302.29
|
|
|
|
307.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment results
|
|
|
971.89
|
|
|
|
1,870.71
|
|
|
|
4,607.59
|
|
|
|
5,953.53
|
|
|
|
14,081.94
|
|
|
|
|
Less: Inter segment eliminations
|
|
|
(40.63
|
)
|
|
|
(42.12
|
)
|
|
|
(15.05
|
)
|
|
|
(122.51
|
)
|
|
|
(67.94
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Segment results
|
|
|
931.26
|
|
|
|
1,828.59
|
|
|
|
4,592.54
|
|
|
|
5,831.02
|
|
|
|
14,014.00
|
|
|
|
|
Add/(Less) : Other income
|
|
|
167.41
|
|
|
|
179.38
|
|
|
|
192.77
|
|
|
|
520.38
|
|
|
|
673.63
|
|
|
|
|
Add/(Less) : Finance costs
|
|
|
(870.71
|
)
|
|
|
(1,024.85
|
)
|
|
|
(1,138.26
|
)
|
|
|
(3,074.04
|
)
|
|
|
(3,509.73
|
)
|
|
|
|
Add/(Less) : Exceptional items
|
|
|
370.63
|
|
|
|
16.17
|
|
|
|
(233.20
|
)
|
|
|
871.93
|
|
|
|
(2,940.43
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Profit before tax
|
|
|
598.59
|
|
|
|
999.29
|
|
|
|
3,413.85
|
|
|
|
4,149.29
|
|
|
|
8,237.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at September 30,
|
|
|
|
|
|
As at
December 31,
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
Unaudited
|
|
|
C.
|
|
Segment Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
Automotive and related activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Tata and other brands vehicles and financing thereof
|
|
|
|
|
|
|
65,010.75
|
|
|
|
|
|
|
|
64,770.61
|
|
|
|
58,501.16
|
|
|
|
|
- Jaguar and Land Rover
|
|
|
|
|
|
|
152,145.22
|
|
|
|
|
|
|
|
153,797.68
|
|
|
|
160,268.56
|
|
|
|
|
Less: Intra segment eliminations
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(15.46
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Total
|
|
|
|
|
|
|
217,155.97
|
|
|
|
|
|
|
|
218,568.29
|
|
|
|
218,754.26
|
|
|
II.
|
|
Others
|
|
|
|
|
|
|
2,003.46
|
|
|
|
|
|
|
|
1,999.83
|
|
|
|
2,218.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment Assets
|
|
|
|
|
|
|
219,159.43
|
|
|
|
|
|
|
|
220,568.12
|
|
|
|
220,972.64
|
|
|
|
|
Less: Inter segment eliminations
|
|
|
|
|
|
|
(918.74
|
)
|
|
|
|
|
|
|
(946.28
|
)
|
|
|
(1,199.09
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Segment Assets
|
|
|
|
|
|
|
218,240.69
|
|
|
|
|
|
|
|
219,621.84
|
|
|
|
219,773.55
|
|
|
|
|
Add : Unallocable assets
|
|
|
|
|
|
|
44,661.52
|
|
|
|
|
|
|
|
42,302.42
|
|
|
|
36,693.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
|
|
|
262,902.21
|
|
|
|
|
|
|
|
261,924.26
|
|
|
|
256,466.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D.
|
|
Segment Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
Automotive and related activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Tata and other brands vehicles and financing thereof
|
|
|
|
|
|
|
13,835.99
|
|
|
|
|
|
|
|
14,220.04
|
|
|
|
12,867.48
|
|
|
|
|
- Jaguar and Land Rover
|
|
|
|
|
|
|
88,318.54
|
|
|
|
|
|
|
|
88,314.86
|
|
|
|
75,603.51
|
|
|
|
|
Less: Intra segment eliminations
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
(15.46
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Total
|
|
|
|
|
|
|
102,154.53
|
|
|
|
|
|
|
|
102,534.90
|
|
|
|
88,455.53
|
|
|
II.
|
|
Others
|
|
|
|
|
|
|
591.92
|
|
|
|
|
|
|
|
600.21
|
|
|
|
618.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment Liabilities
|
|
|
|
|
|
|
102,746.45
|
|
|
|
|
|
|
|
103,135.11
|
|
|
|
89,073.89
|
|
|
|
|
Less: Inter segment eliminations
|
|
|
|
|
|
|
(218.22
|
)
|
|
|
|
|
|
|
(233.79
|
)
|
|
|
(380.25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Segment Liabilities
|
|
|
|
|
|
|
102,528.23
|
|
|
|
|
|
|
|
102,901.32
|
|
|
|
88,693.64
|
|
|
|
|
Add : Unallocable liabilities
|
|
|
|
|
|
|
105,675.27
|
|
|
|
|
|
|
|
106,818.44
|
|
|
|
89,452.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
|
|
|
208,203.50
|
|
|
|
|
|
|
|
209,719.76
|
|
|
|
178,145.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:-
|
1)
|
The above results were reviewed and recommended by the Audit Committee at its meeting held on February 13, 2017 and approved by the Board of Directors at its meeting held on February 14, 2017.
|
|
2)
|
The Company has adopted Indian Accounting Standards
(Ind-AS)
from April 1, 2016 and accordingly these financial results together with the results of the comparative previous
period have been prepared in accordance with the recognition and measurement principles laid down in
Ind-AS
34 on Interim Financial Reporting 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)
|
The exceptional item of Rs. 716.57 crores (£85 million) for the quarter ended December 31, 2016, relates to the continuing impact of the explosion at the port of Tianjin (China) in August 2015. The
exceptional credit to the income statement for the quarter relates to the 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. The process for finalising ongoing insurance claims and other recoveries may take some months to conclude, so further insurance and other potential recoveries will only be recognised in future periods when
received or virtually certain to be received.
|
|
4)
|
Subsequent to quarter ended December 31, 2016, Jaguar Land Rover Automotive Plc issued a EUR 650 million (Rs.4,659.00 crores) 2.20% bond due 2024 and a GBP 300 million (Rs.2,504.68 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)
|
Reconciliation between financial results, as previously reported and as restated under
Ind-AS
are as under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Rs. in crores)
|
|
|
Particulars
|
|
Quarter
|
|
|
Nine months
|
|
|
|
|
|
|
ended December 31, 2015
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
Net profit after tax as reported under previous GAAP
|
|
|
3,507.54
|
|
|
|
5,846.69
|
|
|
1
|
|
Reversal of exchange gain accumulated in foreign currency monetary item translation difference account
|
|
|
(338.09
|
)
|
|
|
1,282.20
|
|
|
2
|
|
Effect of adoption of deemed cost exemption relating to property, plant and equipment and intangibles on depreciation and amortization
|
|
|
71.61
|
|
|
|
199.75
|
|
|
3
|
|
Gain on fair value of below market interest loan (net of effective interest rate adjustment)
|
|
|
(2.02
|
)
|
|
|
2.12
|
|
|
4
|
|
Effect of cross currency basis spreads on hedge accounting
|
|
|
(14.40
|
)
|
|
|
273.94
|
|
|
5
|
|
Provision for expected credit losses
|
|
|
(32.48
|
)
|
|
|
(395.17
|
)
|
|
6
|
|
Reversal of gain on sale of investment in equity instruments classified as fair value through Other Comprehensive Income
|
|
|
—
|
|
|
|
(80.38
|
)
|
|
7
|
|
Fair value gain on investment in mutual funds
|
|
|
20.69
|
|
|
|
36.86
|
|
|
8
|
|
Discounting of provisions
|
|
|
(34.72
|
)
|
|
|
(116.69
|
)
|
|
9
|
|
Remeasurement losses on defined benefit obligations (net)
|
|
|
(19.88
|
)
|
|
|
(61.13
|
)
|
|
10
|
|
Impact on depreciation due to business combination
|
|
|
(22.68
|
)
|
|
|
(71.44
|
)
|
|
11
|
|
Reversal of income recognised on certain financial assets derecognised under previous GAAP
|
|
|
(95.87
|
)
|
|
|
(102.77
|
)
|
|
12
|
|
Others (net)
|
|
|
(87.95
|
)
|
|
|
(40.10
|
)
|
|
13
|
|
Tax effect on above adjustments (including tax effect on undistributed earnings of subsidiaries, associates and joint arrangements)
|
|
|
(17.70
|
)
|
|
|
(370.43
|
)
|
|
14
|
|
Net profit after tax as per IndAS
|
|
|
2,934.05
|
|
|
|
6,403.45
|
|
|
15
|
|
Other Comprehensive Income/(loss) (net of tax) attributable to the Shareholders of the Company
|
|
|
(4,275.84
|
)
|
|
|
7,749.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income/(loss) after tax as per
Ind-AS
attributable to the Shareholders of the Company
|
|
|
(1,341.79
|
)
|
|
|
14,153.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6)
|
The Statutory Auditors have carried out a limited review of the Consolidated Unaudited financial results for the quarter and nine months ended December 31, 2016.
|
Tata Motors Limited
|
|
|
|
|
Mumbai, February 14, 2017
|
|
N Chandrasekaran
Chairman
|
|
|
|
|
|
News Release – 4
|
|
February 14, 2017
|
Auditors Report (Stand Alone)
INDEPENDENT AUDITOR’S REPORT ON AUDIT OF INTERIM FINANCIAL RESULTS
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 two Joint Operations consolidated on a proportionate
basis, for the quarter and nine months ended December 31, 2016 (“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.
|
The Statement, which is the responsibility of
the Company’s Management and approved by the Board of Directors, has been compiled from the related interim standalone financial information which has been prepared in accordance with the recognition and measurement principles laid down in
Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted
in India. Our responsibility is to express an opinion on the Statement based on our audit of such interim standalone financial information.
|
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 auditor’s 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 Company’s 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 Company’s 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 we have obtained 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)
|
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
|
|
|
(ii)
|
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 quarter and nine months ended December 31, 2016.
|
For
DELOITTE
HASKINS
&
SELLS
LLP
Chartered Accountants
(Firm’s Registration No.
117366W/W-100018)
B.P.SHROFF
Partner
(Membership No.34382)
MUMBAI, February 14,
2017
|
|
|
|
|
News Release – 5
|
|
February 14, 2017
|
Stand Alone Financial Results
TATA MOTORS LIMITED
Regd. Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001.
CIN L28920MH1945PLC004520
(Rs.
in crores)
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
Nine months ended
|
|
|
Particulars
(Refer Notes Below)
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
Audited
|
|
|
Audited
|
|
|
Unaudited
|
|
|
Audited
|
|
|
Unaudited
|
|
|
1
|
|
Income from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Sales/Income from operations
|
|
|
11,125.71
|
|
|
|
11,223.75
|
|
|
|
10,892.22
|
|
|
|
33,660.70
|
|
|
|
32,755.98
|
|
|
|
|
(b)
|
|
Other operating income
|
|
|
95.92
|
|
|
|
182.39
|
|
|
|
163.05
|
|
|
|
431.81
|
|
|
|
493.54
|
|
|
|
|
|
|
Total Income from operations
|
|
|
11,221.63
|
|
|
|
11,406.14
|
|
|
|
11,055.27
|
|
|
|
34,092.51
|
|
|
|
33,249.52
|
|
|
2
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Cost of materials consumed
|
|
|
6,647.44
|
|
|
|
6,560.47
|
|
|
|
5,670.79
|
|
|
|
19,991.76
|
|
|
|
17,670.84
|
|
|
|
|
(b)
|
|
Purchase of products for sale
|
|
|
930.81
|
|
|
|
967.23
|
|
|
|
959.71
|
|
|
|
2,836.87
|
|
|
|
3,055.93
|
|
|
|
|
(c)
|
|
Changes in inventories of finished goods,
work-in-progress
and products for sale
|
|
|
(99.14
|
)
|
|
|
(105.23
|
)
|
|
|
408.97
|
|
|
|
(1,040.53
|
)
|
|
|
27.59
|
|
|
|
|
(d)
|
|
Excise duty
|
|
|
1,001.78
|
|
|
|
1,083.69
|
|
|
|
1,013.48
|
|
|
|
3,230.66
|
|
|
|
3,189.84
|
|
|
|
|
(e)
|
|
Employee benefits expense
|
|
|
845.35
|
|
|
|
881.70
|
|
|
|
824.98
|
|
|
|
2,625.99
|
|
|
|
2,403.61
|
|
|
|
|
(f)
|
|
Depreciation and amortisation expense
|
|
|
728.96
|
|
|
|
718.57
|
|
|
|
590.98
|
|
|
|
2,159.77
|
|
|
|
1,763.24
|
|
|
|
|
(g)
|
|
Product development/Engineering expenses
|
|
|
76.95
|
|
|
|
69.89
|
|
|
|
107.38
|
|
|
|
263.01
|
|
|
|
299.46
|
|
|
|
|
(h)
|
|
Other expenses
|
|
|
1,960.04
|
|
|
|
1,887.49
|
|
|
|
1,836.43
|
|
|
|
5,928.88
|
|
|
|
5,645.29
|
|
|
|
|
(i)
|
|
Amount capitalised
|
|
|
(218.06
|
)
|
|
|
(245.29
|
)
|
|
|
(263.90
|
)
|
|
|
(710.12
|
)
|
|
|
(787.49
|
)
|
|
|
|
|
|
Total expenses
|
|
|
11,874.13
|
|
|
|
11,818.52
|
|
|
|
11,148.82
|
|
|
|
35,286.29
|
|
|
|
33,268.31
|
|
|
3
|
|
Profit/(loss) from operations before other income, finance costs and exceptional
items (1 - 2)
|
|
|
(652.50
|
)
|
|
|
(412.38
|
)
|
|
|
(93.55
|
)
|
|
|
(1,193.78
|
)
|
|
|
(18.79
|
)
|
|
4
|
|
Other income (Refer note 3)
|
|
|
93.95
|
|
|
|
146.02
|
|
|
|
493.90
|
|
|
|
864.52
|
|
|
|
1,291.52
|
|
|
5
|
|
Profit/(loss) from ordinary activities before finance costs and exceptional items (3
+ 4)
|
|
|
(558.55
|
)
|
|
|
(266.36
|
)
|
|
|
400.35
|
|
|
|
(329.26
|
)
|
|
|
1,272.73
|
|
|
6
|
|
Finance costs
|
|
|
413.73
|
|
|
|
372.77
|
|
|
|
357.16
|
|
|
|
1,135.63
|
|
|
|
1,158.41
|
|
|
7
|
|
Profit/(loss) from ordinary activities after finance costs but before exceptional
items (5 - 6)
|
|
|
(972.28
|
)
|
|
|
(639.13
|
)
|
|
|
43.19
|
|
|
|
(1,464.89
|
)
|
|
|
114.32
|
|
|
8
|
|
Exceptional items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Exchange (gain)/loss (net) including on revaluation of foreign currency borrowings, deposits and
loans
|
|
|
58.58
|
|
|
|
(79.87
|
)
|
|
|
19.20
|
|
|
|
87.36
|
|
|
|
246.49
|
|
|
|
|
(b)
|
|
Provision for investments and cost associated with closure of operations of a
subsidiary
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97.86
|
|
|
|
|
(c)
|
|
Diminution in the value of investment in a subsidiary
|
|
|
—
|
|
|
|
50.00
|
|
|
|
—
|
|
|
|
50.00
|
|
|
|
—
|
|
|
|
|
(d)
|
|
Employee separation cost
|
|
|
0.75
|
|
|
|
(0.34
|
)
|
|
|
(0.70
|
)
|
|
|
0.41
|
|
|
|
9.81
|
|
|
|
|
(e)
|
|
Impairment of capitalized fixed assets
|
|
|
—
|
|
|
|
—
|
|
|
|
163.94
|
|
|
|
—
|
|
|
|
163.94
|
|
|
9
|
|
Profit/(loss) from ordinary activities before tax (7 - 8)
|
|
|
(1,031.61
|
)
|
|
|
(608.92
|
)
|
|
|
(139.25
|
)
|
|
|
(1,602.66
|
)
|
|
|
(403.78
|
)
|
|
10
|
|
Tax expense/(credit) (net)
|
|
|
14.33
|
|
|
|
21.84
|
|
|
|
(2.43
|
)
|
|
|
48.29
|
|
|
|
56.47
|
|
|
11
|
|
Net profit/(loss) for the period
(9-10)
|
|
|
(1,045.94
|
)
|
|
|
(630.76
|
)
|
|
|
(136.82
|
)
|
|
|
(1,650.95
|
)
|
|
|
(460.25
|
)
|
|
12
|
|
Other Comprehensive Income/(loss) (net of tax)
|
|
|
(6.19
|
)
|
|
|
23.92
|
|
|
|
28.93
|
|
|
|
16.18
|
|
|
|
42.82
|
|
|
13
|
|
Total Comprehensive Income/(loss) after tax (11+12)
|
|
|
(1,052.13
|
)
|
|
|
(606.84
|
)
|
|
|
(107.89
|
)
|
|
|
(1,634.77
|
)
|
|
|
(417.43
|
)
|
|
14
|
|
Paid-up
equity share capital
|
|
|
679.22
|
|
|
|
679.18
|
|
|
|
679.18
|
|
|
|
679.22
|
|
|
|
679.18
|
|
|
15
|
|
Earnings per share (EPS) (Not annualised)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
Ordinary shares (face value of Rs.2 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Basic EPS
|
|
Rs.
|
(3.08
|
)
|
|
|
(1.86
|
)
|
|
|
(0.40
|
)
|
|
|
(4.86
|
)
|
|
|
(1.36
|
)
|
|
|
|
(b)
|
|
Diluted EPS
|
|
Rs.
|
(3.08
|
)
|
|
|
(1.86
|
)
|
|
|
(0.40
|
)
|
|
|
(4.86
|
)
|
|
|
(1.36
|
)
|
|
|
|
B.
|
|
‘A’ Ordinary shares (face value of Rs.2 each)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Basic EPS
|
|
Rs.
|
(3.08
|
)
|
|
|
(1.86
|
)
|
|
|
(0.40
|
)
|
|
|
(4.86
|
)
|
|
|
(1.36
|
)
|
|
|
|
(b)
|
|
Diluted EPS
|
|
Rs.
|
(3.08
|
)
|
|
|
(1.86
|
)
|
|
|
(0.40
|
)
|
|
|
(4.86
|
)
|
|
|
(1.36
|
)
|
Notes:
|
1)
|
The above results were reviewed and recommended by the Audit Committee at its meeting held on February 13, 2017 and approved by the Board of Directors at its meeting held on February 14, 2017.
|
|
2)
|
The Company has adopted Indian Accounting Standards
(Ind-AS)
from April 1, 2016 and accordingly these financial results together with the results of the comparative previous
period have been prepared in accordance with the recognition and measurement principles laid down in
Ind-AS
34 on Interim Financial Reporting 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 nine months ended December 31, 2016, includes dividend from subsidiaries of Rs.15.15 crores and Rs.641.96 crores, respectively (Rs.416.12 crores and Rs.971.13 crores for the quarter
and nine months ended December 31, 2015, 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 financial results, as previously reported and as restated under
Ind-AS
are as under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Rs. in crores)
|
|
|
|
|
Quarter ended
|
|
|
Nine months ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2015
|
|
|
Particulars
|
|
Unaudited
|
|
|
|
|
Net profit/(loss) after tax as reported under previous GAAP
|
|
|
(200.86
|
)
|
|
|
(230.76
|
)
|
|
1
|
|
Profits of Joint Operations (net of tax)
|
|
|
10.50
|
|
|
|
110.34
|
|
|
2
|
|
Reversal of exchange loss accumulated in foreign currency monetary item translation difference
account
|
|
|
3.26
|
|
|
|
(102.73
|
)
|
|
3
|
|
Effect of adoption of deemed cost exemption relating to property, plant and equipment and
intangibles on depreciation and amortisation
|
|
|
71.61
|
|
|
|
199.75
|
|
|
4
|
|
Gain on fair value of below market interest loan (net of effective interest rate
adjustment)
|
|
|
(2.02
|
)
|
|
|
2.12
|
|
|
5
|
|
Reversal of gain on sale of Investment in Equity instruments classified as fair value through
Other Comprehensive Income
|
|
|
—
|
|
|
|
(80.38
|
)
|
|
6
|
|
Fair value gain on investment in mutual funds
|
|
|
20.08
|
|
|
|
28.94
|
|
|
7
|
|
Provision for expected credit losses
|
|
|
(35.00
|
)
|
|
|
(64.64
|
)
|
|
8
|
|
Reversal of Profit on sale of investments due to common control transactions
|
|
|
(1.51
|
)
|
|
|
(325.99
|
)
|
|
9
|
|
Others (net)
|
|
|
(6.01
|
)
|
|
|
(0.29
|
)
|
|
10
|
|
Tax effect on above adjustments
|
|
|
3.13
|
|
|
|
3.39
|
|
|
|
|
Net profit/(loss) after tax as per
Ind-AS
|
|
|
(136.82
|
)
|
|
|
(460.25
|
)
|
|
11
|
|
Other Comprehensive Income/(loss) (net of tax)
|
|
|
28.93
|
|
|
|
42.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income/(loss) after tax as per
Ind-AS
|
|
|
(107.89
|
)
|
|
|
(417.43
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6)
|
The above results include the Company’s proportionate share of income and expenditure in its two Joint Operations, namely Tata Cummins Private Limited and Fiat India Automobile Private Limited. Below are
supplementary details of Tata Motors Limited on standalone basis excluding interest in the aforesaid two Joint Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Rs. in crores)
|
|
|
|
|
Quarter ended
|
|
|
Nine months ended
|
|
|
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
Particulars
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
1
|
|
Total Income from operations
|
|
|
11,063.71
|
|
|
|
11,232.31
|
|
|
|
10,967.55
|
|
|
|
33,571.52
|
|
|
|
32,818.29
|
|
|
2
|
|
Profit/(loss) before tax
|
|
|
(1,073.08
|
)
|
|
|
(634.04
|
)
|
|
|
(151.60
|
)
|
|
|
(1,690.04
|
)
|
|
|
(564.80
|
)
|
|
3
|
|
Profit/(loss) after tax
|
|
|
(1,084.84
|
)
|
|
|
(632.05
|
)
|
|
|
(147.32
|
)
|
|
|
(1,701.62
|
)
|
|
|
(570.59
|
)
|
|
7)
|
The Statutory Auditors have carried out an audit of the above results for the quarter and nine months ended December 31, 2016 and have issued an unmodified opinion on the same. The results for the quarter and nine
months ended December 31, 2015 have been subjected to limited review.
|
Tata Motors Limited
|
|
|
|
|
|
|
N Chandrasekaran
|
|
Mumbai, February 14, 2017
|
|
Chairman
|
For further press queries please contact Mr. Suresh Rangarajan at +00 91 22 66657289 or email at:
suresh.rangarajan@tatamotors.com.
All statements contained herein that are not statements of historical fact constitute “forward-looking statements.
All statements regarding our expected financial condition and results of operations, business, plans and prospects are forward-looking statements. These forward-looking statements include but are no limited to statements as to our business strategy,
our revenue and profitability, planned projects and other matters discussed herein regarding matters that are not historical fact. These forward-looking statements and any other projections (whether made by us or any third party) involve known and
unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements or
other projections. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to
time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement
that may be made from time to time by or on our behalf.