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Tata Steel, Tata Communications Profit Down but Tata Motors Q2 net doubles
By Mike Martinez for CEOWORLD Magazine Updated:October 27, 2009
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Tata Steel (BOM:500470) on Tuesday said its net profit for the quarter ended Sep 30 had dropped 49.5 percent to Rs.902.94 crore over the like period last fiscal. Total income of the company stood at Rs.5,692.11 crore in the second quarter, a drop of 16.45 percent from Rs.6,813.45 crore it logged in the corresponding quarter last year.
Earnings per share stood at Rs.10.89 per share, down from Rs.24.03 per share in the year-ago period.
Tata Motors Ltd. (TTM) said Monday its fiscal second-quarter standalone net profit more than doubled to INR7.29 billion from INR3.47 billion a year earlier.
Net Profit far exceeded the INR4.00 billion average of estimates in a Dow Jones Newswires poll of 10 analysts.
Net sales rose about 13% in the three months ended Sept. 30 to INR79.24 billion from INR70.29 billion a year earlier, India’s biggest auto maker by revenue said.
The results don’t factor in financial performance of U.K.-based luxury car brands Jaguar-Land Rover, which Tata Motors acquired last year from Ford Motor Co.
For the second quarter in a row, Tata Motors improved its operating margin to 13.4%. Volume recovery combined with improved realizations contributed to growth in revenues while stable material prices and accelerated cost reduction efforts continued to yield beneficial impact on margins, the company said.
Tata Motors declared the results after the stock exchanges trading hours. Its stock on Monday closed at Rs 539 on the BSE, up 1.9%. The company, over the last several months, has been tightening its belt, with an aim to bring down costs by Rs 1,000 crore in the next two years.
Telecom firm Tata Communications on Monday reported 68.3% decline in net profit at Rs 10.5 crore for the second quarter ended September 30, 2009.
The firm had a net profit of Rs 32.9 crore in the September quarter of FY09, said Tata Communications in a filing to the Bombay Stock Exchange.
The total income of the Tata Group company decreased to Rs 793 crore during period from Rs 1,035.8 crore in the year-ago period. Shares of the company closed at Rs 471.40, up 0.62% from its previous close on BSE.
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