JOIN USTata Motors has posted a 16.8% degrowth in consolidated net profit for the fourth quarter ended March 31, 2017, at Rs 4,336 crore, compared to Rs 5,211 crore in the same quarter previous fiscal.
Consolidated profit after tax (post profit/loss in respect of joint ventures and associate companies) for the quarter are lower by Rs 747 crore, due to translation impact from British Pound to Indian Rupee, the company said.
Total income for the homegrown auto major during the quarter declined 2.59%, to Rs 78,980.77 crore, against Rs 81,079.71 crore in Q4FY16.
On a standalone basis, the company reported a net loss of Rs 829.04 crore, compared with a profit of Rs 397.95 crore in the same period previous fiscal. The company had reported a loss of Rs 1,045.94 crore in the sequential quarter (Q3FY17). Total income for the company on a standalone basis grew 6.65% to Rs 15,206.76 crore, against Rs 14,258.77 crore in the comparable period of the previous fiscal.
“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,” the company said.
As far as performance of Jaguar Land Rover is concerned, the company reported a 10% increase in revenues for the quarter at £7,268 million. Operating profit for the UK-based auto major, which is owned by Tata Motors, stood at £1057 million, up 17.1% (YoY) with EBIDTA margins at 14.5%. Profit before tax was up 17.2% (YoY) at £676 millionm, while profit after tax grew 18% (YoY) to £557 million.
Retail sales including the China joint venture in the quarter were 1,79,509 units, up 13% on strong demand across the product portfolio, primarily reflecting higher volumes in China, North America, the UK and Europe led by strong sales of F-PACE, Range Rover and Discovery Sport.