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MD & A
83
CORPORATE OVERVIEW (1-31)
STATUTORY REPORTS
FINANCIALS (123-204)
following actors contributed to net increase in working
capital for the year:-
Increase in vehicle financing receivables by
`
5,652.07
crores, consequent to increase in activity.
Increase in trade and other receivables amounting
`
1,006.86 crores mainly due to increase in
sales volumes.
Increase in inventories amounting
`
2,718.98 crores
(mainly in finished goods) due to higher volumes /
activity.
Increases were partially offset by increase in trade
and other payables by
`
8,187.91 crores consequent
to manufacturing activity and net decrease in
provisions of
`
109.14 crores.
b.
The net cash outflow from investing activity increased
during the current year to
`
20,542.85 crores from
`
7,285.59 crores for the last year.
Net cash used for capital expenditure was
`
13,782.85
crores during the year as against
`
8,112.77 crores for
the last year. The capital expenditure relates mainly
to capacity / expansion of facilities, quality and
rel iabi l ity projects and product development
projects for new products.
The change in net investments mainly represents
parking of surplus cash in mutual funds net
`
5,840.09
crores against
`
32.14 crores in the last year.
c.
The net change in financing activity was inflowof
`
6,567.18
crores against net outflow
`
1,401.29 crores for last year.
During the last year, the Company raised
`
3,249.80
crores (net of expenses) by way of issue of shares
through Qualified Institutional Placement.
During FY 2011-12, Jaguar Land Rover raised funds
by issued of Senior Notes of GB£1,500 million
resulting in increase in net change in borrowings
during the year by
`
11,305.42 crores as compared to
decrease of
`
1,177.27 crores during the last year.
Financial Performance on a standalone basis
The revenue (net of excise duty) increased to
`
54,306.56 crores
in FY 2011-12, as compared to
`
47,088.44 crores, representing
an increase of 15.3%. The total number of vehicles sold
during the year increased by 10.7% to 926,353 vehicles
from 836,629 vehicles. The domestic volumes increased by
10.9% to 863,248 vehicles from 778,540 vehicles in
FY 2010-11, while export volumes showed an improvement
of 8.6% to 63,105 vehicles from 58,089 vehicles in FY 2010-11.
Gross revenue from sale of vehicles, including export and
other incentives, increased 16.0% to
`
54,154.01 crores from
`
46,692.88 crores in FY 2010-11. Sale of spare parts for vehicles
increased by 8.2% to
`
2,910.61 crores from
`
2,689.85 crores in
FY 2010-11.
The operating margin decreased mainly due to increase in
raw material cost and fixed marketing expenses. The Profit
after tax of
`
1,242.23 crores was lower by 31.4% compared to
`
1,811.82 crores in FY 2010-11. The analysis of performance is
given below:-
Percentage of Turnover
FY 2011-12 FY 2010-11
Revenue from Operations net of
excise duty
100.0 100.0
Expenditure:
Cost of material consumed )
(including change in stock
73.1
72.3
Employee Cost
5.0
4.9
Manufacturing and other expenses (net) 15.5
14.3
Amount Capitalised
(1.7)
(1.7)
Total Expenditure
91.9
89.8
Other Income
1.1
0.9
Profit before Exceptional Item,
Depreciation, Interest and Tax
9.2
11.1
Depreciation and Amortisation
(including product development /
engineering expenses written off )
3.4
3.2
Finance costs
2.2
2.9
Exceptional Item - Loss
1.1
0.3
Profit before Tax
2.5
4.7
FINANCIAL HIGHLIGHTS (32-45)