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Tata Engineering announced the results of performance for the quarter ended March 31, 2002, with a Profit Before Tax of Rs.106 crores, as against a Loss Before Tax of Rs.146 crores in the same period last year. The profit for the quarter represents a significant turnaround in the performance after seven quarters of loss. Revenues increased by 17% to Rs.3065 crores in the quarter, as compared to Rs.2619 crores in the same period last year. The Company also achieved further gains in market share in both commercial vehicles and passenger cars. The Indica project, in particular continued to improve in volumes and market share accompanied by a significant increase in the profitability of its operations . 2001-02
The Company's revenues for the year ended March 31, 2002 improved by 9% to Rs.8918 crores, as compared to Rs.8164 crores in 2000-01. The Company continued its aggressive thrust in several areas such as cost reduction of Rs.332 crores, market share gains and prudent fiscal management, all of which enabled the Company to improve the Operating Profit to Rs.740 crores, an increase of 80% over Rs.411 crores in 2000-01. Operating margins improved to 8% in 2001-02 from 5% in 2000-01. As a result, the Loss after tax came down significantly to In the backdrop of a sluggish year for the Indian economy and the automobile industry, notable achievements by Rs.54 crores as against the Loss of Rs.500 crores in the previousyear. The Company were:
Market share in the medium and heavy commercial segment increased to 68% with market share in the truck segment rising to 72%. Both were a 4-year record achieved in a market, which declined an overall 3%. The Indica V2 broke the record in the 'B' segment to remain the largest selling model in its segment for the last nine months of the year. Indica's market share increased to 23% in its segment. In the passenger vehicle industry as a whole, the Company became the second largest player. The Indica operations generated a cash profit for the year in the third year of operation, with volumes of over 64,000 units. The Company set off an amount of Rs.1179 crores, mostly carried forward in the Balance Sheet as Deferred Revenue Expenditure, against its Securities Premium Account to reflect more appropriately its future operational performance. The proposal was approved by the shareholders and debenture holders and
confirme by the Bombay High Court subsequently. Ends Issued by: Krishnan V Vice Corporate Tata Engineering and Locomotive Company Limited President Communications . 2002 to consider the accounts of FY 2001-02. The Annual General Meeting of the Company will be held on July 26. In view of the Loss for the year. the Directors have not recommended a dividend.
96 47.25 80.21 38.74 33010 22819 55829 177.) Commercial vehicles Passenger vehicles Exports Cars and Utility 53696 57892 8571 120159 2 Vehicle Production:(in Nos.75 155.64 38. Quarter ended March .03 value) Rs.20 26991 30718 5356 63065 28079 20423 3820 52322 80687 20423 13927 183224 82718 71880 15917 170515 95060 75971 171031 722.AUDITED STATEMENT OF FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31.28 29906 33116 63022 232. 31 FY 2002 2001 2001-02 2000-01 (Audited) (Unaudited) (Unaudited) (Unaudited) (Audited) (A) 1 Vehicle Sales:(in Nos. 387.20 90386 92215 182601 620. 2002 Nine Particulars months ended Dec 2001 31.) Commercial vehicles Passenger vehicles Cars and Utility 60480 59099 119579 3 Export Turnover (at F.O.B. Crores US $ M B) (Rupees Crores) .
32) 511.57) 1510.29 1308.52 250.81 (a) (Increase) / Decrease in stock (29.08 382.27 106.95) 434.26 608.00 108.72 740.84 20.29 (20.14 (67.41 (b) Capitalisation of Interest and (32.74 174.13 3062.23 78.86 before (189.29 4716.15 5384.1 2 Net Sales/Income from operations Total Expenditure 5832.64 1389.81 126.24 2.29 1094.08 23.19 437.51 913.35 411.29 8154.14 2770.63 (13.62 2512.31 (133.90) 354.23 89.8 8077.13 475.37 (430.47 4728.55 (52.67 2618.26 101.26 Deferred 89.59 437.97 0.00) other receipts (c) Net Interest 6 7 8 Amortisation of 301.68 44.67 (63.24 1579.42 852.05 (116.20 88.42) 49.07 Materials & Components (c) Staff Cost (d) Excise Duty (e) Other expenditure (f) Sub Total 2(a) to 2(e) 3 4 5 Operating Profit [1-2] Other Income Interest (a) Gross Interest 333.32) 122.29 447.39) 347.43 292.30 0.15 1389.56) 441.58 137.78 691.03 (56.44) extraordinary/exceptional items [3+4-5-6-7] 9 Extraordinary/Exceptional Items .83 443.57 8894.02) in trade and work in progress (b) Consumption of Raw 3206.56 7666.87 456.83 80.36 Revenue Expenditure Depreciation Profit 266.46 86.59) 87.
9 13 Paid-up Equity Share Capital 255.55) 255.45) - - 2145. 10 each) 14 Reserves excluding Revaluation Reserve 15 Basic & Diluted EPS (not (8.71 4.Number of Shares .40) (1.79% 74.20 55.Percentage of shareholding 190241879 216785867 191006447 216785867 191006447 74.65% of Non-Promoter .34) - 11 Provision for Taxation / Deferred Tax Credit 12 (Loss)/Profit After Tax [10-11] (215.(a) Provision/(Write back) for Contingencies (b) Power Cost relating to - 20.88 5.9 (53.00 8.98) (18.00 106.55) - 45.9 (Face value of Rs.41) 161.99 Previous years (c) Employee Sesheettion Cost 25.35% 67.55) 55.24 2997.08 - 48.96 (5.41) 20.48 12.45) annualised) (Rupees) 16 Aggregate Shareholding .00 - 20.82 (146.68 319.00 - - 0.28 4.73) 319.79% 74.48 69.82 0.82 (500.82 16.82 (215.20 25.65% 67.82 (146.90 (500.56 (146.20 (d) (Adjustment) / Profit on Sale of Undertaking (e) Sub Total 9(a) to 9(d) 10 Profit Before Tax [8-9] 25.34) 255.
Consequent to the above. ii) The charge to the Profit and loss account by way of amortisation of deferred revenue . Capital Work in Progress of Rs. the Deferred tax provision relating to previous years amounting to Rs. Further. i) The amounts as stated above are adjusted against to Securities Premium Account. 1956 towards adjustment of Miscellaneous Expenditure(to the extent not written off) of Rs.61 crores and Diminution in value of investment of Rs. 2001.80 crores.37 crores being excess provision relating to previous years . b) Write back of Rs. 2002 and the High Court of Judicature at Mumbai vide its order dated May 2. 3) As per the Accounting Standard 22 .no longer required. the Company has recognised Deferred tax credit of Rs.48 crores for the year. 2001."Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India which has become mandatory with effect from April 1.950. 2) The profits for the quarter/year include the following: a) Additional provisions for certain employee benefit schemes amounting Rs 73.87.20 crores representing provision for possible diminution in value of a commitment for a future trade investment. 55. c) Provisions for Contingencies of Rs.Notes: 1) Figures for the previous periods have been regrouped wherever necessary. 2002 have approved the utilisation of the Securities Premium Account in accordance with the provisions of Section 78 read with Section 100 of the Companies Act.25 crores. 197.302 crores has been adjusted to the Reserves as on April 1. 4) The Shareholders of the Company at the Extraordinary General Meeting held on March 27.31.05 crores.
70425. 2004. 2003 but before September 30. Product 780 186 2003-04 Rs. crores (a)Capital expenditure.51. 6) Status on utilisation of proceeds of issue of the Rights-convertible and Non-convertible Debentures : - Utilisations planned as Actual amount spent per the terms of issue out of the proceeds Particulars over the years 2001-02 upto 31st March 2002 to Rs.94. these Debentures have 2. 2002 amounting to Rs. 5) As per the terms of issue out of 8.672 crores .26.90 attached warrants against which the holders are entitled to apply for one ordinary share of Rs 10 per warrant at a premium of Rs 110 at any time after June 5.expenditure is lower for the quarter by Rs. 2002 resulting in an increase in the paid-up share capital of Rs.39. 6. Further . crores development expenditure and strategic investment (b) Prepayment/Repayment of borrowings 527 485 Total 1307* 671 * This is to be funded by the proceeds of Rights Issue to the extent of Rs 979 crores (including the Warrants proceeds of Rs 307 crores) and the balance of Rs 328 crores through internal accruals of the Company over the years 2001-02 to 2003-04.473 Rights-convertible and Non-convertible Debentures.052 debentures were converted into ordinary shares on March 31.55. allotted on December 6. .98 crores. 63.96.92 crores.
are considered to constitute one single segment.issued by the Institute of Chartered Accountants of India.in the context of Accounting Standard 17 on Segment Reporting .7) The Company is exclusively engaged in the business of automobile products consisting of all types of commercial and passenger vehicles. 8) The above results have been taken on record in the Board Meeting of date. These . .
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