For a lakh-plus applications at Rs 2.75 lakh a car, Ratan Tata earns more than Rs 3,000 crore. Rs 1,350 crore is to be refunded with a month's interest at 10 per cent to 40,000 applicants. On the Rs 1,650 crore his company retains, it pays 11 per cent till delivery. Still, for six months, it could earn a spread of 2 to 3 per cent or Rs 15-18 crore. Or it may retire Rs 750 crore of cash credit plus some short-term loans, which will help it gain 2 to 3 per cent arbitrage.