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January 22, 2004
Tata MotorsTata Motors
3Q FY04 & Apr-Dec FY04
Result Review
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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%
Apr-Dec FY03 Apr-Dec FY04
Apr-Dec FY04 Performance
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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
Apr-Dec FY04 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%
Apr-Dec FY03 Apr-Dec FY04
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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