Tata Motors, the country's largest manufacturer of commercial vehicles, has decided to list its outstanding Global Depository Receipts on the New York Stock Exchange in the form of American Depository Receipts.

The company will not issue new shares or raise fresh capital as part of the NYSE listing. Approximately 6 per cent of the company's Rs 358 crore (Rs 3.58 billion) equity is held in the form of GDRs.

The conversion of GDRs to ADRs will be in the ratio of 1:1. This will make Tata Motors the first Indian automobile company to be listed on the NYSE.

The company's profits were up 123 per cent to Rs 223.36 crore (Rs 2.233 billion) for the quarter ended June 30, 2004, against Rs 100.31 crore (Rs 1.003 billion) in the corresponding quarter of the previous year. Revenue for the quarter was Rs 4,286.17 crore (Rs 42.861 billion), up 46 per cent from Rs 2,924.22 crore (Rs 29.242 billion) last year.

The company's profit before tax was up 85 per cent to Rs 303.09 crore (Rs 3.030 billion), while operating profits grew 29.5 per cent to Rs 429.44 crore (Rs 4.294 billion). However, the EBITDA margins were down from 13.3 per cent to 12 per cent in the quarter.

Pravin Kadle, executive director (finance), Tata Motors, explained that the low margins were because of rising costs of raw material. The company sold 84,918 vehicles, up 41 per cent compared with the same quarter of the previous year.

Commercial vehicle sales were up 53 per cent to 43,152 vehicles, with export volumes doubling in the quarter. Passenger car volumes grew 30 per cent at 41,766.