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Q4 2011 Earnings Call - Tata Motors Dt-27 May’11

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Q4 2011 Earnings Call - Tata Motors Dt-27 May’11 Q4 2011 Earnings Call - Tata Motors Dt-27 May’11 MANAGEMENT DISCUSSION SECTION Debasis Ray Ladies and gentlemen, good evening. On behalf of Tata Motors, I welcome you to this interaction on the Company's Consolidated Financial Results for the Year 2010-2011. Shortly, our Chairman, Mr. Ratan N. Tata will join us. We already have with us our Vice Chairman, Mr. Ravi Kant; our Managing Director and Group Chief Executive Officer, Mr. Carl-Peter Forster; our Managing Director India Operations, Mr. Prakash M. Telang; our Chief Executive Officer of Jaguar Land Rover, Dr. Ralf Speth; and our Chief Financial Officer and President Tata Motors, Mr. C. Ramakrishnan. We begin the interaction with a presentation from Mr. Ramakrishnan following which Senior Management will take your questions. We will continue this interaction till about 7:15 p.m. Mr. Ramakrishnan, please. Chandrasekaran Ramakrishnan Thank you, Debasis. Good evening, ladies and gentlemen. Thank you for being here with us today for the interaction on the financial results of Tata Motors Group for March 2011. [indiscernible] (1:20) level, Tata Motors Group sales crosses 1 million mark, at a little over 1 million vehicles, turnover crosses Rs.100,000 crore at Rs.123,000 crores representing an increase of about 33% over the turnover of the previous year. Profit before tax crosses Rs.10,000 crore mark, stands at Rs.10,437 crores which is a jump over the previous year of Rs.3,500 crores. In the balance sheet, the earnings per share stood at Rs.155, compared to Rs.48 in the previous year. Net worth, the shareholder's funds increased by about Rs.11,000 crores during the year. Net automotive debt to equity stood at 0.68 as of 31st March, 2011. The overall capital spending, Tata Motors, Jaguar Land Rover, combined at a global level, was about Rs.8,500 crores, comprising about - close to about £800 million in Jaguar Land Rover and about Rs.2,400 crores in Tata Motors. Coming to Tata Motors standalone, turnover was Rs.48,000 crores, an increase of 35% over the previous year. EBITDA margin was close to about 10%, stood at 9.9%. Profit after tax was Rs.1,800 crores compared to Rs.2,200 crores in the previous year. You will recollect the previous year included profit on sale of investments like shares of Tata Steel and shares in our construction company, Telcon, which we partially divested. This together the other income last year in the PAT accounted for about Rs.800 crores. Similarly, in Tata Motors' standalone balance sheet significant improvement in the overall leveraging. Net debt-to-equity ratio stood at 0.67. During the year, you will recall we had issued shares through QIP offering and we're also seeing significant conversion of our - many of our convertible bonds during the year and an aggregate of $326 million worth of bonds have been converted into shares during the year. A short while ago, the Board declared a dividend of Rs.20 per share compared to Rs.15 in the previous year, which also means 20.50 on the A ordinary shares. This entire presentation is available on the company website. So I'll not go through it in detail. There is a breakup in terms of sales of commercial vehicles posting a growth of about 23% over the previous year, witnessing a robust demand across different segments, significant new product introduction, which have been received well in the marketplace. Capacity expansion in Uttaranchal was in place towards the end of the year and we have further product offerings, which we'll talk about later. In the commercial vehicle business, we took a cumulative price increase during the course of the year at different points of time aggregating 5.3%. Market share in commercial vehicles stood at 61.8% for the year. Passenger vehicles, a growth of 23%, the number is at 319,000 sales for the year. Nano sales crossed 100,000 during the year. Indigo Manza is being received very well in the marketplace. Market share stood at 13% for the year and total price increase of a little over 4% - 4.5% for the year in passenger cars. Export volumes, this from Tata Motors Standalone India, export volumes grew by about 70% to 58,000 numbers during the year. Strong exports to neighboring countries, Bangladesh, Sri Lanka, Bhutan, etcetera, with growth coming back in some of our other markets which had witnessed significant recession in the earlier years. Jaguar Land Rover had significant improvement in its performance in the year, net revenue close to £10 billion, an increase of 51% over the previous year. EBITDA margin for the year was 16.3% compared to 6% in the previous year and profit after tax a little over £1 billion. EBITDA margins have been mainly the result of a richer and better product mix, successful introduction of newer products which have been received well by the market, the new XJ and other Land Rover models, a much market mix with significant growth in emerging markets, particularly China, and continued favorable exchange rates and of course a result of several continuing actions within the company in terms of cost control and improvement of efficiencies and operations. Some of the other highlights, I already mentioned some of them. The products: the new XJ and some of the other Land Rover models. Net debt in Jaguar Land Rover stood at £233 million at the end of the year, compared to about £600 million at the end of the previous year. In terms of an overall split of Jaguar Land Rover volumes, U.K. accounted for about 24% of the global sales, North America about 22%, China about 11%, Europe, excluding Russia, 22%. China, if you recall, was a little below 10% in the previous year in terms of percentage to Jaguar Land Rover's global sales. Our other Indian subsidiaries, Tata Motor Finance, profit after tax of Rs.127 crores compared to Rs.44 crores in the previous year. Total financing disbursals were at Rs.7,900 crores compared to Rs.6,600 crores in the previous year, an increase of about 18%. The book size of its financing portfolio stood at close to about Rs.10,000 crores. Tata Motor Finance accounted for a market share of about 21.4% in retail financing of Tata brand products. Net interest margin stood at 10.1%. Tata Motor Finance also issued perpetual bonds during the year for raising Tier 1 capital, aggregating Rs.150 crores. Tata Technologies, our IT and engineering services subsidiary, significantly improved performance, 17% growth in turnover to Rs.1,200 crores; net profit of Rs.139 crores, compared to Rs.91 crores in the previous year; and a very good regional mix, Europe accounting for 30%, North America 37%, and Asia-Pac including India about 33% in terms of its turnover split. Tata Technologies also completed a primary issuance of shares to a PE investor, aggregating $30 million which funds have been since received by the company. Tata Daewoo, our commercial vehicles subsidiary in Korea, reported a net profit of about Rs.73 crores, a small dip over the previous year. If you recall, Tata Daewoo had to terminate the services of its wholesale distributor - sole distributor in the country, in Korea, and we've set up our own national sales company as a wholesale distributor in Korea, and the operations have been stabilized, and towards the end of the year the performance has significantly strengthened, and we hope to capture some of the lost market share in the current year. Our Axles and Transmissions subsidiary in India reflect the performance of the underlying commercial vehicle business, with net profit growing by 47% and 72% respectively and stood at Rs.94 crores and Rs.90 crores. Commercial vehicles, going forward the demand continues to be strong, but there are concerns building up in terms of higher interest rates which could impact the demand going forward. We need to be watchful. Cost pressures including commodity price increases, competitive intensity could increase, but we believe the company is well poised with a wide and compelling product portfolio and customer reach. ACE family has been expanded in May 2011, earlier this month, few days ago, with the launch of Magic Iris and Ace Zip. We have further products in the pipeline, variants from the Prima range and other medium and heavy commercials and a new LCV range. Passenger cars will continue to exploit and grow the volumes in an attractive and relatively young product portfolio. We'll leverage further the power of the Nano car and the Nano platform and look at export potential. Further products in the pipeline, Nano variants, a Vista refresh, Manza Limited edition, New Safari and an Aria two-wheel drive. Once again, concerns on inflation, higher interest rates, and fuel prices could pose a challenge to demand and volume growth in the country. Jaguar Land Rover, we hope to continue the volume growth and profitability in our operations. We'll focus of course on new product introductions and technology investments. Range Rover Evoque will be a major event later this year. We'll have further new Jaguar and Land Rover 2012 Model Year Products as well. Growth will be a special emphasis in China, Russia, India, and Brazil. Jaguar Land Rover earlier this month also completed a major fund-raising program and raised £1 billion equivalent through bonds, 7 and 10- year bonds. Part of the money £250 million has been used for repayment to Tata Motors of some other funding we had provided to Jaguar Land Rover.
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