Tata Motors posts net profit of Rs 21.78 cr

 
India’s leading vehicle maker’s total income stood at Rs 21,506.94 crore for the quarter ended September 30, 2009 where as the same was at Rs 23,417.27 crore for the same quarter in the previous year.

At the same time, the net sales of Tata Motors during the quarter under review dropped by 8.5 per cent to Rs 20,889.44 crore compared to Rs 22,825.05 crore for the quarter ended September 30, 2008.

Tata Motors’ Chief Financial Officer C Ramakrishnan explained that the company could report profit partly helped by tighter control of costs and gains from investments in associate firms.  Other income of during the quarter stood at Rs 371.94 crore on sale of investments as compared to Rs 359.04 crore in the comparable quarter of last fiscal. In this context, it may be noted that Chairman Ratan Tata had hired two companies to help cut costs at the JLR units in U.K which cut 2,200 jobs over a year and it is contemplating to close one of two factories in England’s West Midlands.

It had reported in October a standalone net profit of domestic operations at Rs 729.14 crore for the quarter ended September 30, 2009 as compared to Rs 346.99 crore, a jump of 110.13 per cent.  Its consolidated gross revenues were Rs 38,761.92 crore in the first half, compared to Rs 39,433.17 crore for similar period last fiscal.  Its consolidated financial data was not comparable to 2008-09 on account of the acquisition of Jaguar Land Rover in June 2008.  Ramakrishnan said Jaguar Land Rover unit of Tata Motors reported a net loss of 60 million pounds ($99 million) in the September quarter and had debt of $1.92 billion ( equivalent of Rs 9000 crore)

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