Tata Motors Q1 Consolidated Net Profit At Rs 3,300.65 Crore

Tata Motors today reported a consolidated net profit of Rs 3,300.65 crore in the first quarter ended June 30, riding on sharp improvements in performance of its British arm Jaguar Land Rover and commercial vehicles business.

The company had posted a consolidated net loss of Rs 4,950.97 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,01,528.49 crore, as compared to Rs 71,227.76 crore in the year-ago period, it added.

Total expenses were at Rs 98,266.93 crore, as against Rs 77,783.69 crore in the same quarter a year ago, the company said.

On a standalone basis, loss after tax narrowed to Rs 64.04 crore, from Rs 181.03 crore in the year-ago period, the filing said.

Standalone revenue from operations were at Rs 15,733.05 crore, as compared to 14,793.12 crore, it added.

Overall, Tata Motors said it continued its strong performance in Q1 FY24 showing a sharp improvement driven by JLR and commercial vehicles businesses, whilst the passenger vehicles business was steady, the company said.

"FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals," Tata Motors Group Chief Financial Officer PB Balaji said.

JLR revenues in Q1 FY24 was at 6.9 billion pounds, up 57 per cent (y-o-y), while profit before tax was at 435 million pounds, it said, adding the higher profitability year-on-year reflects favourable volume, mix, pricing and foreign exchange revaluation offset partially by higher inflation and supplier claims.

"We have had a strong start to the financial year and delivered our highest production levels in nine quarters and our highest Q1 cash flow on record. This is testament to the thousands of determined people in the business working tirelessly to deliver every aspect of our Reimagine strategy," JLR's newly appointed CEO Adrian Mardell said.

On the outlook for JLR, the company said Q2 production and cash flow is expected to be lower than Q1, reflecting the annual summer plant shutdown, while wholesales and profitability are expected to be more in line with recent quarters.

Tata Commercial Vehicles revenue was up 4.4 per cent at Rs 17,000 crore with domestic wholesales at 82,400 units, down 14.1 per cent y-o-y, while domestic retails were at 77,600 units down 14.3 per cent, the company said.

Tata Motors Ltd Executive Director Girish Wagh said the company successfully upgraded its entire portfolio beyond the mandatory requirements for BS6 Phase 2 transition.

"We were impacted in the earlier part of the quarter with availability issues due to this large transition but delivered sequentially improved performance as the quarter progressed," he added.

Looking ahead, Wagh said, "We remain optimistic on the demand environment even as it continues to face the headwinds of high interest rates, fuel prices and inflation. We will continue to drive our demand-pull strategy and step up our competitiveness with improved availability of our exciting range of products as the year progresses." On the passenger vehicles (PV) segment, Tata Motors said Q1 revenue was at Rs 12,800 crore, up 11.1 per cent driven by improved pricing with volumes growing by 7.7 per cent to 1,40,400 units.

The electric vehicles profitability is likely to improve in the second half of the year onwards, it added.

"The Passenger Vehicle industry in Q1 FY24 witnessed robust demand driven by new launches, especially in the SUV segment and EVs...

"In line with industry trend, SUVs continued to spearhead (Tata Motors PV) sales contributing around 64 per cent while sales of cars were buoyed by the multi-power train offerings of the Tiago and Altroz," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.

On the outlook, he said, "We expect a stable supply chain and robust demand with the onset of the festive season in the second half of Q2 FY24."
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Tata Motors Q1 Consolidated Net Profit At Rs 3,300.65 Crore

Tata Motors today reported a consolidated net profit of Rs 3,300.65 crore in the first quarter ended June 30, riding on sharp improvements in performance of its British arm Jaguar Land Rover and commercial vehicles business.

The company had posted a consolidated net loss of Rs 4,950.97 crore in the same quarter last fiscal, Tata Motors said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,01,528.49 crore, as compared to Rs 71,227.76 crore in the year-ago period, it added.

Total expenses were at Rs 98,266.93 crore, as against Rs 77,783.69 crore in the same quarter a year ago, the company said.

On a standalone basis, loss after tax narrowed to Rs 64.04 crore, from Rs 181.03 crore in the year-ago period, the filing said.

Standalone revenue from operations were at Rs 15,733.05 crore, as compared to 14,793.12 crore, it added.

Overall, Tata Motors said it continued its strong performance in Q1 FY24 showing a sharp improvement driven by JLR and commercial vehicles businesses, whilst the passenger vehicles business was steady, the company said.

"FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals," Tata Motors Group Chief Financial Officer PB Balaji said.

JLR revenues in Q1 FY24 was at 6.9 billion pounds, up 57 per cent (y-o-y), while profit before tax was at 435 million pounds, it said, adding the higher profitability year-on-year reflects favourable volume, mix, pricing and foreign exchange revaluation offset partially by higher inflation and supplier claims.

"We have had a strong start to the financial year and delivered our highest production levels in nine quarters and our highest Q1 cash flow on record. This is testament to the thousands of determined people in the business working tirelessly to deliver every aspect of our Reimagine strategy," JLR's newly appointed CEO Adrian Mardell said.

On the outlook for JLR, the company said Q2 production and cash flow is expected to be lower than Q1, reflecting the annual summer plant shutdown, while wholesales and profitability are expected to be more in line with recent quarters.

Tata Commercial Vehicles revenue was up 4.4 per cent at Rs 17,000 crore with domestic wholesales at 82,400 units, down 14.1 per cent y-o-y, while domestic retails were at 77,600 units down 14.3 per cent, the company said.

Tata Motors Ltd Executive Director Girish Wagh said the company successfully upgraded its entire portfolio beyond the mandatory requirements for BS6 Phase 2 transition.

"We were impacted in the earlier part of the quarter with availability issues due to this large transition but delivered sequentially improved performance as the quarter progressed," he added.

Looking ahead, Wagh said, "We remain optimistic on the demand environment even as it continues to face the headwinds of high interest rates, fuel prices and inflation. We will continue to drive our demand-pull strategy and step up our competitiveness with improved availability of our exciting range of products as the year progresses." On the passenger vehicles (PV) segment, Tata Motors said Q1 revenue was at Rs 12,800 crore, up 11.1 per cent driven by improved pricing with volumes growing by 7.7 per cent to 1,40,400 units.

The electric vehicles profitability is likely to improve in the second half of the year onwards, it added.

"The Passenger Vehicle industry in Q1 FY24 witnessed robust demand driven by new launches, especially in the SUV segment and EVs...

"In line with industry trend, SUVs continued to spearhead (Tata Motors PV) sales contributing around 64 per cent while sales of cars were buoyed by the multi-power train offerings of the Tiago and Altroz," Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.

On the outlook, he said, "We expect a stable supply chain and robust demand with the onset of the festive season in the second half of Q2 FY24."
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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7.4 Crore Income Tax Returns Filed For 2022-23: Finance Minister

Number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman said on Monday.

"There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22," she said in the Lok Sabha.

India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal.

As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase.

Over 7.40 crore ITRs were filed in 2022-23, of which over 5.16 crore had zero tax liability.

Similarly, for 2021-22 fiscal, over 6.94 crore ITRs were filed, of which over 5.05 crore had zero tax liability.

Over 6.72 crore and 6.47 crore ITRs were filed in 2020-21 and 2019-20 fiscal years.

Of this, over 4.84 crore and 2.90 crore assessees had zero tax liability.

The Government has taken several steps, like expansion of the scope of TDS/TCS, simplification of personal I-T, prefiling of ITRs, updated returns, new form 26AS and non-filers monitoring system, which has helped in adding taxpayers.

"E-mails and SMS reminders are issued to taxpayers to file their ITRs and pay their due taxes," Sitharaman said, adding the tax department is also undertaking publicity campaigns to raise awareness about filing tax returns. PTI JD CS MR

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Centre Clears 8.15% Interest Rate On Employees Provident Fund For 2022-23

The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23.

Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.

As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15 per cent on EPF for 2022-23 into the accounts of members.

The order came after the finance ministry's concurrence to the EPF rate of interest approved by EPFO trustees earlier in March this year.

Now the EPFO field offices will start the process of crediting the interest into subscribers' accounts.

In March 2022, Employees' Provident Fund Organisation (EPFO) had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21.

This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.

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Centre Clears 8.15% Interest Rate On Employees Provident Fund For 2022-23

The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23.

Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.

As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15 per cent on EPF for 2022-23 into the accounts of members.

The order came after the finance ministry's concurrence to the EPF rate of interest approved by EPFO trustees earlier in March this year.

Now the EPFO field offices will start the process of crediting the interest into subscribers' accounts.

In March 2022, Employees' Provident Fund Organisation (EPFO) had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21.

This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Centre Gives Sanction To Prosecute Joint Drugs Controller In Bribery Case

The government has granted the sanction to prosecute Central Drugs Standard Control Organisation's joint drugs controller S Eswara Reddy, clearing the decks for initiating a trial against him for allegedly taking a bribe to favourably recommend Biocon Biologics' insulin injection, officials said Sunday. The CBI submitted the sanction for prosecution, accorded by the Director (Vigilance) in the Union Ministry for Health and Family Welfare, before a special court here.

Repeated calls made to the office phone of Reddy seeking his comments remained unanswered.

The agency has also received the sanction against Animesh Kumar, Assistant Drugs Inspector, who is a co-accused in the case, they said.

Apart from Reddy and Animesh Kumar, the CBI had also arrested Biocon Biologics' Associate Vice President L Praveen Kumar, Synergy Network India Private Limited director Dinesh Dua, who allegedly gave Reddy Rs 4 lakh as bribe, and Guljit Sethi, an alleged conduit of Biocon Biologics.

The arrests were made in June last year in the bribery case allegedly to waive the Phase 3 clinical trial of 'Insulin Aspart' injection, a product developed by the company to manage Type 1 and Type 2 diabetes.

However, Biocon Biologics, a subsidiary of Kiran Mazumdar Shaw-led Biocon, denied the allegations of bribery.

Reddy was suspended but the health ministry revoked his last year and reinstated him as the joint drugs controller. The agency had filed the charge sheet in August last year against the accused persons, but the trial had not commenced as the sanction for prosecution, a mandatory requirement before proceedings in a case against a government servant under the Prevention of Corruption Act can be initiated, was awaited, they said.

In its charge sheet filed in August last year, the agency alleged the bribe payment was made to Reddy after clearance from associate vice president of Biocon Biologics L Praveen Kumar, they said.

After the charge sheet was filed, the company had said in a statement that it follows global best practices in regulatory science which have earned it the distinction of being the only Indian company with the largest number of regulatory approvals for Biosimilars in ICH countries like the USA, Canada, EU, Japan amongst others.

"We have followed due process in seeking phase 3 waiver from DCGI for our biosimilar product Insulin Aspart, as per the current provisions and with precedence of the word 'protocol' used for such approvals. Insulin Aspart was approved by the EU and Canada respectively prior to the filing of an application before the Indian CDSCO, and this is one of the considerations for the grant of an Indian approval," the statement had said.

It said under the Indian regulations, approval for a foreign-approved drug is not an exception, as surmised by the investigating agency and is in fact, within the rules.

"The company has not made any payments to Bioinnovat Research or any other party named to facilitate the alleged bribe to the CDSCO official. We deny other allegations of wrongdoings in seeking approval for Insulin Aspart under existing provisions and precedence. We reiterate our confidence in the judicial system and have fully cooperated with the investigating agency," it had said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Centre Gives Sanction To Prosecute Joint Drugs Controller In Bribery Case

The government has granted the sanction to prosecute Central Drugs Standard Control Organisation's joint drugs controller S Eswara Reddy, clearing the decks for initiating a trial against him for allegedly taking a bribe to favourably recommend Biocon Biologics' insulin injection, officials said Sunday. The CBI submitted the sanction for prosecution, accorded by the Director (Vigilance) in the Union Ministry for Health and Family Welfare, before a special court here.

Repeated calls made to the office phone of Reddy seeking his comments remained unanswered.

The agency has also received the sanction against Animesh Kumar, Assistant Drugs Inspector, who is a co-accused in the case, they said.

Apart from Reddy and Animesh Kumar, the CBI had also arrested Biocon Biologics' Associate Vice President L Praveen Kumar, Synergy Network India Private Limited director Dinesh Dua, who allegedly gave Reddy Rs 4 lakh as bribe, and Guljit Sethi, an alleged conduit of Biocon Biologics.

The arrests were made in June last year in the bribery case allegedly to waive the Phase 3 clinical trial of 'Insulin Aspart' injection, a product developed by the company to manage Type 1 and Type 2 diabetes.

However, Biocon Biologics, a subsidiary of Kiran Mazumdar Shaw-led Biocon, denied the allegations of bribery.

Reddy was suspended but the health ministry revoked his last year and reinstated him as the joint drugs controller. The agency had filed the charge sheet in August last year against the accused persons, but the trial had not commenced as the sanction for prosecution, a mandatory requirement before proceedings in a case against a government servant under the Prevention of Corruption Act can be initiated, was awaited, they said.

In its charge sheet filed in August last year, the agency alleged the bribe payment was made to Reddy after clearance from associate vice president of Biocon Biologics L Praveen Kumar, they said.

After the charge sheet was filed, the company had said in a statement that it follows global best practices in regulatory science which have earned it the distinction of being the only Indian company with the largest number of regulatory approvals for Biosimilars in ICH countries like the USA, Canada, EU, Japan amongst others.

"We have followed due process in seeking phase 3 waiver from DCGI for our biosimilar product Insulin Aspart, as per the current provisions and with precedence of the word 'protocol' used for such approvals. Insulin Aspart was approved by the EU and Canada respectively prior to the filing of an application before the Indian CDSCO, and this is one of the considerations for the grant of an Indian approval," the statement had said.

It said under the Indian regulations, approval for a foreign-approved drug is not an exception, as surmised by the investigating agency and is in fact, within the rules.

"The company has not made any payments to Bioinnovat Research or any other party named to facilitate the alleged bribe to the CDSCO official. We deny other allegations of wrongdoings in seeking approval for Insulin Aspart under existing provisions and precedence. We reiterate our confidence in the judicial system and have fully cooperated with the investigating agency," it had said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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