Tata Motors profit for the second quarter of the current fiscal fell 16% at Rs 1,877, compared to Rs 2,233 crore in the year ago period, Latest Stock Price
Tata Motors on Monday said its profit for the second quarter of the current fiscal fell 16% at Rs 1,877, compared to Rs 2,233 crore in the year ago period. Lagging market estimates hit by higher costs and foreign exchange losses have been cited for the main reasons for the dismal quarterly results.
Tata Motors, part of India's salt-to-software Tata conglomerate, whose range includes the ultra-cheap Nano and British luxury brands Jaguar and Land Rover, posted a rise of 26% in revenues at Rs 35,940 crore.
The automaker incurred a foreign exchange loss of Rs 440 crore in the period compared with a gain of Rs 65,370 crore a year ago.
Major domestic rival Maruti Suzuki, India's top carmaker, last month reported a more than halving of its quarterly net profit over the same period.
India's car sales slumped 24% in October, the biggest fall since December 2000, and the fourth consecutive monthly slide.
src-BS
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