Kolkata, May 26 (IANS) Tata Motors on Tuesday said its net consolidated profit during the fourth quarter of 2014-15 declined by over 56 percent at Rs.1,717 crore, against Rs.3,918 crore for the same quarter last year due to higher depreciation and amortization costs backed by unmatured hedges.
The company’s depreciation and amortization cost grew by over 23 percent at Rs.3,856.76 crore during the period under review against Rs.3,125.48 crore.
During Q4, consolidated revenue stood at Rs.67,576 crore registering a growth of 3.5 percent over Rs.65,317 crores for the corresponding quarter in 2014. The company said increased wholesale volumes and richer product mix both in the standalone business and Jaguar-Land Rover division contributed to the growth.
In the medium-heavy commercial vehicles segment, improved freight availability and improved profitability of truck operators, fleet replacement demand mainly in the high tonnage segment contributed to a growth of 26.4 percent during the quarter.
“However, light commercial segments (mainly the small commercial vehicles) continued to remain weak. As a result, the overall commercial vehicle sales were almost flat in the fourth quarter,” the company said in a statement.
The passenger segment grew 19.1 percent in the last quarter of 2014-15 and the company has planned other car launches in 2015.
Its consolidated revenue during 2014-15 grew by 12.9 percent at Rs.2,62,796 crore against Rs. 2,32,834 crores during 2013-14.
The consolidated profit after tax during fiscal 2015 remained flat at Rs. 13,986 crore, against Rs.13,991 crore in 2013-14.
The Jaguar Land Rover automotive division’s revenues for the year ended March 31, 2015 grew by 12.8 percent at 21,866 million pounds against 19,386 million pounds in the corresponding period last year.