Tata Motors Q3 net profit drops 96%

Tata Motors Q3 net profit drops 96%

Hit by growing losses in its domestic operations and lower profits in Jaguar Land Rover, Tata Motors has reported a 96% decline in consolidated net profit for the quarter ended December 31, 2016 at Rs 112 crore compared with Rs 2,953 crore in the same quarter last year.

Consolidated revenues for the company during the quarter degrew 4.37% to Rs 67,484 crore against Rs 70,567 crore for the corresponding quarter last year, the company said.

On a standalone basis, the company reported a loss of Rs 1,052.13 crore compared with a loss of Rs 107.89 crore in the same period last year. Total income from operations for the company on a standalone basis grew 2.14% to Rs 11,125.71 crore compared with Rs 10,892.22 crore in Q3FY16.

During the quarter, commercial vehicle segments witnessed demand shrinkage due to demonetisation. “Medium and heavy commercial vehicle segment witnessed major pressure with a fall of 9% (Y-o-Y) and light commercial vehicle segment was overall flat. Passenger vehicles segment grew by 25.4% (Y-o-Y) with car segment growth of 31.1% (Y-o-Y) on the back of continued strong response to the Tiago. Exports grew by 34.6% (Y-o-Y),” the company said.

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