Business Daily from THE HINDU group of publications
Thursday, May 29, 2008
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Business Daily from THE HINDU group of publications Thursday, May 29, 2008 ePaper | Mobile/PDA Version | Audio |
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Financial Performance Corporate Results - HCV/LCV/Tractors
Raghuvir Srinivasan
The drop in earnings would have been substantially higher but for two reasons. First, a one-time income of Rs 73.75 crore from sale of holdings in two wholly-owned subsidiaries - HV Axles and HV Transmissions. During the fourth quarter, Tata Motors sold a 15 per cent stake in HV Transmissions and a 3.89 per cent stake in HV Axles to group company, Tata Capital. Earlier, during the third quarter, the company had sold 11.11 per cent in HV Axles to Tata Capital for Rs 65 crore. In all, the divestment secured Tata Motors Rs 138.75 crore which, together with Rs 169.40 crore earned for transfer of technology to two subsidiaries and Rs 30 crore from Tata Capital for transfer of activity relating to financing of construction equipment, went a long way in padding up earnings for 2007-08. Second, though gross interest costs were higher by about 54 per cent during the fourth quarter at Rs 140 crore, higher interest earnings and capitalisation helped significantly reduce the net interest charged to the profit and loss account to Rs 12.55 crore (Rs 59.77 crore) only. That the margins were under pressure from higher input costs is evident from the 11 per cent increase in total expenditure in Q4. Tata Motors re-jigging manufacturing facilities Tata Motors sales down 5.8% Higher borrowing costs dent Tata Motors net More Stories on : Financial Performance | HCV/LCV/Tractors | Tata Motors Ltd
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