Fri. Feb 22nd, 2019

Tata Motors Group Consolidated Results

  • Net Revenue at ₹77,001 Cr (+5.0%);
    • TML domestic delivers robust profitable growth.
    • Weak sales in China and de-stocking impacted JLR.
    • PAT at ₹(26,961)Cr impacted by an exceptional item of Asset Impairment in JLR of ₹(27,838)Cr  (£3.1 bn)
    • EBITDA at ₹6,522 Cr (8.5%), EBIT(0.1) %. (down 370bps) impacted by Weak sales in China and de-stocking.
  • Tata Motors (Standalone): ‘Turnaround 2.0’ delivers in challenging conditions
  • Revenue ₹16,208 Cr (+1.5%),
    • YTD market shares up (as compared to FY 18) in both CV (+60bps) and PV (+50bps)
    • PAT at ₹618 Cr
    • EBITDA at ₹1,468 Cr (9.1%), EBIT at 4.3% up 70 bps,
    • FCF outflow of ₹1,537 Cr impacted by lower creditors due to RM inventory corrections
    • Launched Tata Harrier #BornofPedigree and Tata Nexon achieved ‘5 star’ Global NCAP rating for safety.
    • CV EBITDA stable at 11.6%; PV business sustained EBITDA break-even.
    • Turnaround 2.0 to continue its sharp focus on “Win Decisively in CV”, “Win Sustainably” in PV, “Win Proactively in EV” & Embed Turnaround culture in organisation
  • Jaguar Land Rover:Performance impacted bycorrective action in China and production shutdown.
  • JLR Revenue at £ 6.2 Bn (-1.4%), PAT at (£ 3,129 mn), EBITDA of £ 455m (7.3%), EBIT at -2.6%, FCF outflow of £361mn
    • Launched the all new Range Rover Evoque with hybrid options.
    • Project Charge on track to achieve £ 2.5Bn target; Cash benefits started to flow in with £ 500 million delivered in Q3 FY 19
    • One time exceptional non-cash charge taken for asset impairment of £3.1Bn. Reduces growth in depreciation and amortization by £300mn pa.
    • JLR taking decisive actions to step up  competitiveness, reduce costs, improve cash flows and make the business “Fit for Future”
Q3 FY 19: Consolidated Revenue 77.0KCr (+5.0%); EBIT flat;
TML(S) Turnaround 2.0 delivers in challenging conditions;Market shares and profitability improves
JLR Performance impacted by challenging market conditions particularly in China and inventory corrections. Continue to invest in exciting products and leading edge technologies. Taking decisive actions to make the business Fit for Future by stepping up competitiveness, reducingcosts and improving cash flows

Mumbai, Feb 7, 2019: Tata Motors Ltd announced its results for the quarter ending Dec 31, 2018.

  Conso ( Cr Ind AS) JLR (£M, IFRS) TML (S) (Cr, Ind AS)
  Q3 FY’19 Vs. PY Q3 FY’19 Vs. PY Q3 FY’19 Vs. PY
Net Revenue 77,001 5% 6,223 (1%) 16,208 1.5%
EBITDA (%) 8.5 (230bps) 7.3 (360bps) 9.1 60bps
EBIT (%) (0.1) (370bps) (2.6) (520bps) 4.3 70bps
PAT (26,961) (3,129) 618 192%
Jaguar Land Rover (JLR)   Tata Motors (Standalone, incl JO)
·   Retails down 6.4% to 144,602 units; Wholesales (incl CJLR) down 11.0% to 141,552 in Q3. Challenging market conditions in China.   ·   Net Revenue down 1% to £6.2B   ·   EBIT: -2.6% (-520bps), lower China sales, production shutdown impact and higher D&A   PBT at (£3,395 m), includes exceptional non-cash charge of £3,122 m; PAT at (£3,129 m)   Investments: £1B mainly in products and technologies ·   Free Cash Flows of £(0.4 B)   ·   Wholesalesdown0.5% to 171,354 units. CV down 1.8%, PV up 2.9%; Domestic retails up 5.6%   Net Revenue up 1.5% to ₹16.2K Cr ·   EBIT:  4.3% (+70 bps),higher realisations, Impact project savings and operating leverage partially offset by higher commodity costs   ·   PBT at ₹519Cr, PAT at₹618Cr   Investments:₹ 1.4K Cr in products and technologies.   Free cash flows of ₹(1,537) Cr.

N Chandrasekaran, Chairman commented,

“Tata Motors domestic business continues the strong momentum and has delivered market share gains as well as profitable growth. The Turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth.


In JLR, the market conditions continue to be challenging particularly in China. The company has taken decisive steps to step up competitiveness, reduce the costs and improve the cash flows while continuing to invest in exciting products and leading edge technologies. With these interventions, we are building Tata Motors group to deliver strong results in the medium term”.

TATA MOTORS (STANDALONE INCL. JOINT OPERATIONS)

business Highlights

  • Turnaround 2.0 delivers in challenging conditions
  • Market share gain continues. So far this year, market share in CV was up 60 bps while PV was up 50 bps.
  • Commercial Vehicles (CV) growth impacted by liquidity stress and higher capacity arising from axle load norm changes
  • Passenger Vehicles (PV) continues to outperform the industry with the new products driving the growth
  • Continued strong profitability in CV; EBITDA stable despite challenging market conditions
  • PV EBITDA break even sustained