3Q FY04 Presentation

8/6/2019 3Q FY04 Presentation

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January 22, 2004

Tata MotorsTata Motors

3Q FY04 & Apr-Dec FY04

Result Review


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1

Presentation Outline

3Q FY04 & Apr-Dec FY04 Results

Performance Review


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3Q FY04 Performance

(Rs cr) 3Q FY04 3Q FY03

Net Revenue up 55%

EBITDA growth of 71%

Successful management of cost pressures

Pre-tax Cash profit more than doubled

PBT up 176%, PAT up 179%

Volume growth of 53% to 78,380

Exports volume growth of 393%

Interim Dividend of 40%

Revenue (Net of excise) 3,398.3 2,194.1

EBITDA 490.2 287.0

EBITDA Margin 14.4% 13.1%

Other Income 16.7 0.2

Net Interest 47.4 67.1Cash Profit 459.5 220.1

Depreciation 93.0 88.4

Amortisation 2.1 0.4

Extra-ordinary Items (2.6) 0.0

PBT 361.7 131.2

Current Tax & Deferred Tax 150.8 55.5

Net Profit / (Loss) 210.9 75.7


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AprDec FY04 Performance

Net Revenue +49%

Pre-tax Cash profit up 117%

PBT up 207%, PAT up 219%

EBITDA up 68%

Audited Results a good corporate

governance practice

Volumes growth of 48% to 216,901 units

(Rs cr) Apr-DecFY04

Apr-DecFY03

Revenue (Net of excise) 9,075.8 6,101.0

EBITDA 1,260.6 749.5

EBITDA Margin 13.9% 12.3%

Other Income 49.9 11.1

Net Interest 127.2 214.3

Cash Profit 1,183.3 546.3

Depreciation 279.2 267.9

Amortisation 24.6 0.4

Extra-ordinary Items (25.6) 0.0

PBT 853.9 278.0

Current Tax & Deferred Tax 336.0 115.5

Net Profit / (Loss) 517.9 162.5


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Key highlights of AprDec FY04 Performance

Export revenues up 128% Shipments of City Rover begin in 3Q

Non-cyclical revenues account for 15% of Net Revenue.

Net Interest cost down 41% YoY to Rs 127 cr.

Balance sheet size of Rs 5,075 cr with investible surplus of around Rs 1,242 cr.

Gross Debt of Rs 1,411 cr as on Dec. 31, 2003. Net Debt of Rs 169 cr.

Divested stake in Tata Infomedia during 3Q FY04

Negative Working Capital position maintained

38% of FCCBs and 34.7 lakh warrants have been converted till end-Dec 2003,

thereby increasing the paid-up capital to Rs 330.2 cr as on Dec. 31, 2003.

Tata Motors has entered into an MOU with DWCV for acquisition of the company. Due

diligence currently on.


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Performance of Key Subsidiaries

Key subsidiaries posted a combined PBT of Rs 27.2 cr in 3Q FY04 against a

loss of Rs 6.8 cr in the last year.

Combined turnover in 3Q up 31% YoY

Combined capital employed of these subsidiaries down by 16% during the fiscal.

Combined debt of these key subsidiaries has also declined to Rs 276 cr as on

Dec. 31, 2003 from Rs 397 cr as on Mar 31, 2003.


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Presentation Outline

3Q FY04 & Apr-Dec FY04 Results

Performance Review


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Company Performance - Highlights

Production volumes +45%

Sales volumes up 48%

Market share gains in both Vehicle classes

Exports volumes surge 152%147,460

213,839

147,022

216,901

0

50,000

100,000

150,000

200,000

250,000

Production Sales

Apr-Dec FY03 Apr-Dec FY04

Apr-Dec FY04 Performance


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Commercial Vehicles Highlights of performance

Market share

Sales Vol. 72,612 104,616

Domestic Business

CV Sales Volume growth of 44%

M/HCV 41%

LCV 51%

LCV market share increased to 50% from 42%

Pickup market share of 37%.

Recent launch of 407 EX truck to helpconsolidate position in LCVs.

Increased Focus on Buses

Fully-built LCV bus City Ride gains

customer acceptance

M/HCV bus sales up 33% YTD.

Fully built buses with contemporary design

and technology unveiled at the recent AutoExpo.

55.4%58.8%

0%

20%

40%

60%




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International Business Volume growth of 66% to 7,307 units

Exports of Pickups up on the back of increased shipments to European and SE

Asian countries.

Exploring high potential markets like China, CIS countries, and SE Asia for its CVs.

Commercial Vehicles Highlights of performance (contd.)


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Passenger Vehicles - Highlights of performance


Market share

Volumes 68,428 97,217

Domestic Business

Second largest player in domestic PV market

PV volume growth of 42%

Passenger Cars 47%

MUVs 27%

Market share gains

Cars 16% from 13% last year

Entry-level Mid-size 26% Regained market share in MUV in 3Q.

Indigo retained leadership position in CY03 in itssegment. Cumulative sales cross 25,000 mark.

Indica

Best Diesel Small Car NFO AutomotiveTotalCustomer Satisfaction Study 2003.

Retained top ranking at the NFO AutomotiveCost of Ownership Study 2003

Safari

Ranked highest in MUV-SUV category JDPower APEAL Study 2003.

13.7%

15.5%

0%

5%

10%

15%

20%



12/19


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New Products

New Indica V2

(launched in Jan. 2004)

Indigo Marina(unveiled in Jan. 2004)

407 EX Truck

(launched in Nov. 2003)

New range of buses(unveiled in Jan 2004)


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8.5%

14.4%

13.1%13.3%

13.8%13.1%

12.1%11.5%

11.3%

8.4%

8.9%

4.9%

6.3%

5.1%

10.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

1QFY0

1

2QFY0

1

3QFY0

1

4QFY0

1

1QFY0

2

2QFY0

2

3QFY0

2

4QFY0

2

1QFY0

3

2QFY0

3

3QFY0

3

4QFY0

3

1QFY0

4

2QFY0

4

3QFY0

4

Consistent improvement in EBITDA margin

6.1%

9.9%

12.5%

13.9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

FY01 FY02 FY03 Apr-Dec

FY04

EBITDA growth of 68% in Apr-Dec FY04


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1,394

169

0

500

1000

1500

Mar'03 Dec'03

Debt position

Net Debt = Gross Debt Surplus Cash

0.58 0.54

0.43

0.05

0.0

0.2

0.4

0.6

0.8

1.0

Mar'03 Dec'03

Gross D/E Net D/E

Net Debt (Rs cr) Debt / Equity position


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Tight Working Capital Controls

Days of sale Days of sale

40 3935

0

20

40

60

Dec'02 Mar'03 Dec'03

19 18

14

0

10

20

30

Dec'02 Mar'03 Dec'03

Negative Net Working Capital position maintained

Inventory Receivables (non-HP)


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Stock performance

+194%14,9375,080Tata Motors Market Cap (Rs cr)

+185%452159Tata Motors Stock Price (Rs)

+176%276100Auto Index (April 1, 2003=100)

+90%5,8393,081BSE Sensex

% changeDec. 31, 2003Apr 1, 2003

2 7 6

2 9 4

1 9 0

50

1 0 0

1 5 0

2 0 0

2 5 0

3 0 0

01-Apr -03 1 6 -Ma y -0 3 2 7-Jun-03 0 8 - Au g -0 3 2 2-Sep -03 03 -Nov-03 1 5 - De c -0 3

T o t a l A u t o I n d e x T a t a M o t o r s B S E S e n s e x

Tata Motors

Auto Index

BSE Sensex


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Statements in this presentation describing the Companys objectives,

projections, estimates, expectations may be forward looking statements

within the meaning of applicable securities laws and regulations. Actual

results could differ materially from those expressed or implied. Important

factors that could make a difference to the Companys operations

include, among others, economic conditions affecting demand / supply

and price conditions in the domestic and overseas markets in which the

Company operates, changes in Government regulations, tax laws and

other statutes and incidental factors


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Thank You

3Q FY04 Presentation

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