Tata Motors Q3 net down 2%

Net sales up 3.71 % at Rs 71,686 cr

Tata Motors Q3  net down 2%

Tata Motors on Thursday has reported a 2 per cent decline in consolidated net profit for the third quarter ended December 31, 2015, at Rs 3,508 crore compared with Rs 3,581 crore in the same quarter of the previous fiscal.

The decline in profits was due to lower sales in China and weaker model mix in the quarter for Jaguar Land Rover.

JLR wholesales and retails (both excluding China JV) for the quarter were 1,37,631 units and 1,28,643 units up 12.6 per cent and 15.3 per cent (YoY). China JV wholesales and retails for the quarter were 12,830 units and 9,010 units.

Consolidated net sales for the Indian auto major grew 3.71 per cent to Rs 71,686.12 crore compared with Rs 69,121 crore in Q3FY15.

As far as financial performance of JLR is concerned, revenues for the quarter ended December 31, 2015, were £5,781 million compared with £5879 million for the corresponding quarter last year.

Operating profit (EBITDA) for the quarter was £834 million with margins at 14.4 per cent, compared with £1,096 million for the corresponding quarter last year reflecting the overall higher wholesales, offset by lower sales in China primarily driven by the localisation of Evoque and Discovery Sport production and softer sales mix as well as non recurrence of an annual China tax rebate (received in Q3 FY15 but in current year it was received in Q1) and other items.

Profit after tax was £440 million for the quarter ended December 31, 2015 compared with £593 million in the corresponding quarter last year.

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