Mumbai: Tata Motors Ltd on Tuesday said its consolidated net profit for the March quarter fell 16.8% from a year ago due to translation impact from GBP to INR
Consolidated net profit for the quarter stood at Rs4,336 crore against Rs5,211 crore. Revenues for the quarter fell 2.9% to Rs77,272 crore from Rs79,549 crore a year ago.
A Bloomberg poll of 23 analysts each for net sales and profit estimated the Mumbai-headquartered firm to report net sales of Rs78,797 crore and net profit of Rs2,575.9 crore.
On standalone basis, the company reported a net loss to Rs829.04 crore against net profit of Rs397.95 crore. Total income rose 6.7% from a year ago to Rs15,092.44 crore against Rs14,147.98 crore.
The company said, “it has been a challenging and highly volatile year, which followed a period of low demand and inconsistent recovery in the prior years in the Automotive sector in India. In addition, the company also under performed on many fronts, amplifying the impact of the external environment. On the way forward, we have detailed actions under focused implementation, and expect to significantly enhance the overall business performance in the coming periods.”
Driven by a strong volume across most of the markets, including the UK, the US, Europe and China, retail volumes (sales to customers) at the maker of Jaguar sedans and Land Rover sports utility vehicles rose 13% to 179,509 units in the three months to March over the year-ago period.
Meanwhile, earnings at the India operation which had been on path to recovery, were singed by the one time hit it took on account of switch to stricter emission norms from Bharat Stage III to IV.