Tata Group, which gets 69 per cent of its sales from international operations, saw its FY16 revenue decline 4.6 per cent in dollar terms to $103 billion from $108 billion a year earlier due to global political uncertainty, a steep reduction in commodity prices, and currency volatility.
In rupee terms, the revenue grew two per cent to Rs.672,408 crore from Rs.658,432 crore in the previous year.
Cyrus Mistry told Tata Group senior leadership at an annual group leadership conference (AGLC): “Sixteen companies in the group registered a turnover of over $500 million, with 10 of these registering a turnover of over $1 billion. International revenues at around $70 billion constituted 69 per cent of the group’s revenue.”
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The group invested around $9 billion worldwide during the year, contributing to a $28 billion capital spend over the last three years.
“This substantial capital investment programme has delivered a number of growth-oriented projects, including the Tata group’s largest greenfield infrastructure project, the new steel plant at Kalinganagar in the Indian state of Odisha, which commenced commercial production on May 25, 2016,” said Mistry. The group closed financial year ended March 2016 with a market capitalisation of its 29 listed companies at Rs.771,191 crore ($116 billion). This reflected a decline in market capitalisation compared to the previous year of 7.4 per cent, as compared with a decline in the BSE Sensex of 9.4 per cent. The AGLC is held to commemorate the birthday of former Tata Sons Chairman, J.R.D. Tata.
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