Tata Motors Q1 Net Profit Halves On Forex Loss Post-Brexit Vote
"The operating performance in the quarter reflects overall higher wholesales, offset by an adverse foreign exchange impact of £207 million, including revaluation of £84 million", Tata Motors said.
The city-based company had posted a consolidated profit of Rs 5,254.23 crore in the same period last fiscal, Tata Motors said in a BSE filing.
The consolidated total income for the first quarter stood at Rs 67,229.69 crore up from Rs 61,734.29 crore earned during the quarter ended June 30, 2015.
MUMBAI/NEW DELHI, Aug 26 (Reuters) - Foreign exchange losses after Britain's decision to leave the European Union and higher expenses offset strong sales growth at India's Tata Motors, more than halving its net profit in the April-June quarter.
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The firm's net profit on a standalone basis declined 91.1 per cent to Rs 25.8 crore but revenue increased 10.2 per cent to Rs 11,464.7 crore.
"JLR unfavorably got affected this year due to the exchange rate".
The quarterly profit was hit by forex losses of Rs 2,296 crore ($342.43 million) mainly due to depreciation of pound post the Brexit vote and adverse commodity derivatives impact of Rs 167 crore in the quarter.
As per the company officials, all segments of the company witnessed growth during the quarter.
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A hike in auto sales across the globe has driven up first quarter revenues by £500m at Jaguar Land Rover (JLR). Similarly, LCV (light commercial vehicle) segment grew 11.6%, and passenger vehicles segment grew 6.3%, while auto segment grew 15.1% backed by strong response to the recently launched Tiago.
Sales (including exports) of commercial and passenger vehicles for the quarter ended June 30, stood at 1,26,839 units, representing a growth of 8 per cent over previous year. Profit declined from 492 million pounds to 304 million pounds in the three months through June.
On the other hand, there was some respite, said company officials. Tata Motors profits were also aided by a one-time gain of Rs 478 crore from an insurance claim for damages caused to its Jaguar and Land Rover cars in a chemical explosion at Tianjin Port in China last fiscal.
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