India's largest commercial vehicle maker Tata Motors announced its results for the quarter ended June 2010. It has reported consolidated net profit of Rs 1,989 Cr as against loss of Rs 328 Cr. Net sales jumped 64.25% to Rs 27,055 Cr from Rs 16,472 Cr.
Its standalone profit after tax stood at Rs 395.72 Cr as against Rs 513.76 Cr for the quarter ended June 30, 2009 and revenues for the same period came in at Rs 10,416.26 Cr versus Rs 6,404.02 Cr, a growth of 62.7% (Y-o-Y).
Its luxury brand Jaguar Land Rover (JLR) has reported profit before tax of GBP 233.82 million.
The company said, "With the positive market reception of the enhanced product range in an improved market environment as well as continued cost reduction efforts, the business was able to show sustained quarter on quarter improvement towards solid profitability in the quarter."
Tata Daewoo Commercial Vehicles Company reported a 20.9% growth in sales in the quarter. Tata Motors Finance, the company’s captive financing subsidiary, reported a net profit of Rs 23.52 Cr and improved its NPA performance through better collection efficiency.
In the domestic market, the company’s commercial vehicles sales increased by 38.7% to 100,186 units, mainly supported by medium and heavy commercial vehicles which grew by 62.4% year-on-year. Its market share in commercial vehicles segment was at 61%.
Views Of Brokerage Houses:
Edelweiss raised the stock rating to "buy" from "reduce," while Citi Investment Research raised its target price on the stock to Rs 1,197 from Rs 947 per share.
Bank of America-Merrill Lynch also raised its price objective on the stock to Rs 1,100 from Rs 924 earlier, while reiterating a "buy" rating.
Jaguar and Land Rover unit, which Tata bought from Ford Motor Co in 2008, is expected to fuel growth in coming quarters as demand for luxury brands increase, particularly in emerging economies.
The stock is up nearly 28% so far in this year, after gaining nearly five times in 2009. It has outperformed the 30-share BSE index which is up 4% so far this year, after rallying 81% in 2009.
Its standalone profit after tax stood at Rs 395.72 Cr as against Rs 513.76 Cr for the quarter ended June 30, 2009 and revenues for the same period came in at Rs 10,416.26 Cr versus Rs 6,404.02 Cr, a growth of 62.7% (Y-o-Y).
Its luxury brand Jaguar Land Rover (JLR) has reported profit before tax of GBP 233.82 million.
The company said, "With the positive market reception of the enhanced product range in an improved market environment as well as continued cost reduction efforts, the business was able to show sustained quarter on quarter improvement towards solid profitability in the quarter."
Tata Daewoo Commercial Vehicles Company reported a 20.9% growth in sales in the quarter. Tata Motors Finance, the company’s captive financing subsidiary, reported a net profit of Rs 23.52 Cr and improved its NPA performance through better collection efficiency.
In the domestic market, the company’s commercial vehicles sales increased by 38.7% to 100,186 units, mainly supported by medium and heavy commercial vehicles which grew by 62.4% year-on-year. Its market share in commercial vehicles segment was at 61%.
Views Of Brokerage Houses:
Edelweiss raised the stock rating to "buy" from "reduce," while Citi Investment Research raised its target price on the stock to Rs 1,197 from Rs 947 per share.
Bank of America-Merrill Lynch also raised its price objective on the stock to Rs 1,100 from Rs 924 earlier, while reiterating a "buy" rating.
Jaguar and Land Rover unit, which Tata bought from Ford Motor Co in 2008, is expected to fuel growth in coming quarters as demand for luxury brands increase, particularly in emerging economies.
The stock is up nearly 28% so far in this year, after gaining nearly five times in 2009. It has outperformed the 30-share BSE index which is up 4% so far this year, after rallying 81% in 2009.
No comments:
Post a Comment