The first quarter showed signs of improvement after a period of slow sales,” Tata Motors CFO C Ramkrishnan told reporters at a conference in Mumbai. “There was also a marked improvement in operating margins, mainly due to better cost efficiencies and an improvement in prices of certain products,” he added.
Tata Motors was also able to benefit from a recent government-approved relaxation in accounting norms that deferred the treatment for forex losses.
Under the new norms, the company’s notional exchange loss in the first quarter fell to Rs 5.54 crore, compared with Rs 162 crore in the previous year. The rules were relaxed to help companies on mark-to-market losses on foreign currency loans, in a market deeply affected by a volatile forex market.
Tata Motors was also able to benefit from a recent government-approved relaxation in accounting norms that deferred the treatment for forex losses.
Under the new norms, the company’s notional exchange loss in the first quarter fell to Rs 5.54 crore, compared with Rs 162 crore in the previous year. The rules were relaxed to help companies on mark-to-market losses on foreign currency loans, in a market deeply affected by a volatile forex market.
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