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  • Tata Motors Q4 net loss narrows to Rs 7,605 cr

    On a consolidated basis, the auto major reported net loss of Rs 7,605.40 crore in Q4 FY21 lower than net loss of Rs 9,894.25 crore in Q4 FY20.

    Total revenue from operations during the quarter increased 41.8% year-on-year (YoY) to Rs 88,627.90 crore in Q4 FY21.

    The company reported a pre-tax loss of Rs 7,643.27 crore in Q4 FY21 compared with pre-tax loss of Rs 9,312.95 crore in Q4 FY20.

    During the period ended March 2020, an exceptional charge of Rs 14,994.30 crore was recognized under the Jaguar Land Rover (JLR)'s reimagine strategy. It comprised of asset write downs of Rs 9,606.11 crore in relation to models cancelled and restructuring costs of Rs 5,388.19 crore.

    JLR reported pre-tax profits of 534 million pounds in Q4 FY21. Fourth quarter revenue increased 20.5% YoY to 6.5 billion pounds, led by China and the new Defender.

    EBIT margin improved by 1070 bps to 7.5% in Q4 FY21 over Q4 FY20. The improving performance mainly reflects recovering volumes, favourable mix, cost performance (including lower marketing spend) and foreign exchange.

    The quarter reflected a strong YoY recovery of retails in China and N America. Retail sales in the fourth quarter were 123,483 vehicles, up 12.4% year-on-year. The business achieved strong positive free cash flows of 0.7 billion points reflecting the recovery in sales, favourable mix and Charge+ delivery.

    JLR has embarked on reimagine strategy to make the company a world leader in electrified luxury vehicles, sustainability, and new automotive technologies to deliver a strong market performance, which shall create long-term shareholder value.

    Looking ahead, JLR said that the increasing Covid vaccination rates are encouraging for the ultimate recovery of the global economy and automotive industry from the effects of the pandemic. However, cases are still high in many markets while supply chain issues, in particular for semi-conductors, have become more difficult to mitigate and are now impacting production plans for Q1. The company is working closely with affected suppliers to resolve the issues and minimise the effect on customers.

    For FY22, Jaguar Land Rover expects sales to continue to recover. The company is still targeting an EBIT margin of at least 4.0% and break-even free cash flow after c.£2.5 billion of investment and c.£0.5 billion of restructuring costs that has already been accrued.

    Tata Motors standalone (including joint operations) revenue for the quarter increased 104% to Rs 20,046 crore. The company recorded a pre-tax profit before exceptional Rs 145 crore as against pre-tax loss of Rs 2,215 crore in Q4 FY20.

    The improvement in pre-tax profit was mainly due to better volumes, improved product mix, lower VME and cost savings offset partially by commodity inflation. EBIT margin was up 1900 bps YoY to 3% in the quarter.

    The exceptional item in the quarter includes impairment reversal of Rs 1,200 crore and onerous contract provision reversal of Rs 700 crore in the PV business.

    The company's India operations continued its strong sequential recovery in the quarter with CV revenues recovering to pre-pandemic levels and PV revenues reaching multi-year highs on the back of the 'NEW FOREVER' portfolio.

    On a consolidated basis, Tata Motors recorded a net loss of Rs 13,451.39 crore in the year ended 31 March 2021 compared with net loss of Rs 12,070.85 crore in the year ended 31 March 2020. Total revenue from operations declined 4.3% to Rs 2,49,794.75 crore in FY21 over FY20.

    Finance costs increased Rs 854 crore to Rs 8,097 crore in FY21 due to higher gross borrowings.

    Free cash flow (automotive) in the year, was positive Rs 5,300 crore compared with negative Rs 12,700 crore in FY20.

    Guenter Butschek, CEO and MD, Tata Motors, said, "The auto industry was deeply impacted by COVID-19 in FY21 but witnessed a steady growth ¡n vehicle demand as the nationwide lockdown eased and pent-up demand came to fore supported by a steady recovery of the economy. At Tata Motors, we scaled up capacity by prudently addressing several supply chain bottlenecks.

    A clear shift towards personal mobility and the rich preference for our ‘New Forever' range of cars and SUVs led to the PV business recording its highest ever annual sales in 8 years and growing its market share to 8.2%. The CV business consistently posted sequential quarter on quarter growth on back of improved consumer sentiments, buoyancy in e-business, firming freight rates and higher infrastructure demand including road construction and mining.

    We have successfully improved our operational and financial performance by reducing costs, generating free cash flows, and providing ‘best in class' customer experience.

    As I look forward, we will continue to remain vigilant about the evolving COVID situation and have set in motion a comprehensive ‘Business Agility Plan' to protect and serve the interests of our customers, dealers and suppliers. We will review and plan for the critical raw materials to cater to a volatile demand outlook.”

    With respect to outlook, the company said that while demand remains strong, the supply situation over the next few months is likely to be adversely impacted by disruptions from COVID-19 lockdowns in India and semi-conductor shortages worldwide. The company expects Q1 FY22 to be relatively weak due to this as well as rising commodity inflation and expect to improve gradually from the second quarter. The business has demonstrated strong resilience in the face of adversity and its fundamentals are strong. The firm said it will remain agile to address these challenges and drive consistent, competitive and cash accretive growth over the medium to long term.

    Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

    The scrip rose 3.50% to end at Rs 332.35 on the BSE on Tuesday.

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Flash News 21-Jun-2021
  •  ( 11:49) Maruti Suzuki to hike prices from second quarter  
  •  ( 11:20) Timken India Q4 FY21 PAT down 13.6% Y-o-Y to Rs 52.93 cr  
  •  ( 11:11) Hinduja Global Solutions records PAT of Rs 131.25 crore in Q4 FY21  
  •  ( 10:35) ICICI Prudential MF offloads 0.14% stake of Bajaj Consumer Care on Jun. 16  
  •  ( 10:29) Market breadth positive  
  •  ( 10:25) Indices off day's low  
  •  ( 10:14) NTPC consol. Q4 FY21 PAT up 185.3% Y-o-Y to Rs 4,649.49 cr  
  •  ( 10:06) PNB Housing moves SAT against SEBI directive on Rs 4k-crore Carlyle deal  
  •  ( 09:29) Market drops on weak global stocks; breadth negative  
  •  ( 09:29) SMS Lifesciences India consol. Q4 FY21 PAT up 221.65% Y-o-Y to Rs 5.05 cr  
  •  ( 09:27) S&P Global Ratings revises ICICI Bank's outlook to 'Stable'  
  •  ( 09:19) Vijay Deshwal joins Magma Fincorp as Group CEO  
  •  ( 08:46) China one-year loan prime rate unchanged  
  •  ( 08:15) Asian stocks trading lower  
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21 June 2021 11:59
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