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Tata Motors reported a lower-than-expected 12 percent increase year on year to Rs 2,245 crore, impacted by a Rs 441 crore foreign exchange loss, sending the stock down more than 3 percent.
The country’s largest commercial vehicle manufacturer was estimated to register a net profit of around Rs 2,570 crore. Its consolidated revenue stood at Rs 43,320 crore, up 30 percent year-on-year.
Jaguar Land Rover declared its maiden dividend of 150 million pounds, the company said in a press release.
Growth in volumes was driven by sales of the new Range Rover Evoque and strong demand from China
Tata Motors’ standalone net profit was Rs 205 crore against Rs 401 crore in the year-ago period. Its EBITDA margin declined to 7.3 percent from 8.8 percent a year ago.
The company’s sales, including exports, during the quarter stood at 190,483 units. Its commercial vehicle sales in the domestic market rose a muted 1.3 percent on year to 114,710 units. Its passenger vehicle sales in the domestic market decreased nearly 10 percent on year to 62,619 units, enjoying a market share of 9.8 percent. The sales include that of Fiat and Jaguar and Land Rover.
On a positive note, Jaguar Land Rover sales in the quarter grew 34 percent to 83,452 units. “Growth in volumes was driven by sales of the new Range Rover Evoque and strong demand from China, which grew over 91 percent year on year,” the company said in a press release.
JLR revenue grew 34.6 percent to 3.64 billion pounds. Its operating margins stood at 14.5 percent , the company said.
JLR revenue grew 34.6 percent to 3.64 billion pounds. Its operating margins stood at 14.5 percent , the company said.
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