Tata Motors Q3 net profit tanks 52% as Jaguar Land Rover margins dwindle
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The external environment and overall economic activity in India remained challenging, C. Ramakrishnan said, adding: "demand continues to remain under pressure for our products."
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Tata Motors profit falls
(PTI) Hit by a demand slump, homegrown auto major Tata Motors today reported 52.2 per cent decline in consolidated net profit for the third quarter ended December, 2012, at Rs 1,636.01 crore as Jaguar Land Rover margins get hit.
The company had posted a net profit of Rs 3,422.7 crore in the same period last fiscal, Tata Motors said in a filing to the BSE.
Consolidated total income from operations stood at Rs 46,089.5 crore during the third quarter as against Rs 45,260.25 crore in the same period last fiscal. The company said the growth in revenue was on the back of strong demand, growth in volumes and favourable market mix at Jaguar Land Rover (JLR).
On a standalone basis, the company had a net loss of Rs 458.49 crore in the third quarter ended December 31, 2012 as against a standalone net profit of Rs 173.67 crore in the same period last fiscal.
Standalone total income from operations during the period under review stood at Rs 10,630.09 crore as against Rs 13,337.9 crore in the year-ago period.
During the third quarter, Tata Motors sold a total of 2,05,291 vehicles as against 2,31,328 units in the same period last fiscal.
JLR wholesales for the quarter ended December 31, 2012, grew 9.9 per cent over corresponding period last year to 94,828 units, Tata Motors said.
While Jaguar volumes for the period stood at 15,043 units, Land Rover volumes were at 79,785 units. Growth in volumes is driven by continued strong demand from China and sales of Range Rover Evoque and Freelander.