Tata Motors reported steep fall in its consolidated net profit for the quarter ended June as volume sales of Jaguar Land Rover fell by one-third in its biggest market China due to a slowdown.
The company on Friday reported Rs 2,768-crore net profit for the first quarter, 48 per cent less than the year-earlier figure of Rs 5,397 crore. It fell below analysts' expectations that, according to estimates compiled by Bloomberg, averaged Rs 3,237 crore.
The consolidated net sales of the company declined 5.6 per cent to Rs 61,221 crore. An increasing contribution for China sales that tripled Tata Motors' net profit in the same quarter last year has been seen a trend reversal, with sales in China dropping 33 per cent. Tata Motors' EBIDTA margins dipped by 210 basis points to 16.1 per cent.
The company on Friday reported Rs 2,768-crore net profit for the first quarter, 48 per cent less than the year-earlier figure of Rs 5,397 crore. It fell below analysts' expectations that, according to estimates compiled by Bloomberg, averaged Rs 3,237 crore.
The consolidated net sales of the company declined 5.6 per cent to Rs 61,221 crore. An increasing contribution for China sales that tripled Tata Motors' net profit in the same quarter last year has been seen a trend reversal, with sales in China dropping 33 per cent. Tata Motors' EBIDTA margins dipped by 210 basis points to 16.1 per cent.
No comments:
Post a Comment