The company’s revenue from operations for the quarter was Rs 71,714 crore, down 13% from Rs 82,841 crore in the corresponding quarter of the previous financial year.
This was Tata Motors PV’s first quarterly earnings report following the demerger of its commercial vehicle business.
“Having recorded the transfer of the assets and liabilities, as aforesaid, the Demerged Company has made necessary adjustments for the sake of compliance with Indian Accounting Standards (“Ind AS”) notified under Section 133 of the Companies Act, 2013, specifically Appendix A to Ind AS 10 ‘Distribution of Non cash assets t o Owners’, and has created a liability at t he fair value of the Demerged Undertaking with gain in the income statement (net of assets and liabilities transferred) with the corresponding debit to the Retained Earnings and extinguishing the liability of “82,616 crores,” the company’s filing to the exchanges said.
More to come…