Second quarter
In the continued buoyant market conditions, Tata Motors reported revenues (net of excise) of Rs 3176.60 crores for the quarter ended September 30, 2003, an increase of 47.1 per cent over Rs 2159.16 crore in the second quarter last year. The profit before tax stood at Rs 328.52 crore as compared to Rs 107.91 crore in the same period last year, an increase of 204 per cent. Operating margins (net of excise) at 13.8 per cent continued to improve due to higher sales volumes and better operational efficiencies. Profit after tax for the second quarter, after provision of Rs 121.84 crore towards current and deferred tax, stood at Rs 206.68 crore, as compared to Rs 58.80 crore in the second quarter of last year, an increase of 251 per cent.

Half year
The company’s revenues (net of excise) at the end of the first half of the year 2003-04 improved by 45.3 per cent to Rs 5677.52 crore (previous year - Rs 3906.89 crore). The profit before tax for the first half of the year was Rs 492.19 crore as compared to Rs 146.76 crore in the same period last year, an increase of 235 per cent. The profit after tax for the first half of the year was Rs 306.9 crore, compared to Rs 86.83 crore in the same period last year, an increase of 254 per cent.

The company recorded significant increases in sales volumes across all product groups. Commercial vehicle sales in the domestic market in the first half was 64,131 units, an increase of 42.8 per cent (4,4920 units last year). The company improved its market share from 54 per cent to 58.5 per cent in this period. Passenger vehicle sales was 6,6973 units, an increase of 44 per cent over 46,525 units vehicles sold in the first half of last year. The company’s market share in passenger vehicles increased to 16.2 per cent from 13.8 per cent in the first half of last year. The Indigo registered a sale of 13,238 units, in the first half of the year and with sales of 20,051 units since its launch, has remained at the top of its segment with a market share of 27 per cent. Utility vehicle sales at 13,854 units grew 20.3 per cent (11,520 units in the first half last year).

Export volumes at 7,417 units grew 67.5 per cent over the corresponding period last year (4,429).