According to a press release, net sales from operations has gone down to Rs 1,762 crore from Rs 2,368 crore last year. Total vehicles produced and sold were maintained almost at the similar levels. Total vehicles produced, including both commercial and utility vehicles, category declined from 54,010 units to 32,007 units, whereras vehicles sold in both categories were also around 35,908 units as against 54,105 units.

The gross profit (profit before interest, depreciation and amortisation) for the company has gone down to Rs 89 crore from Rs 146.53 crore last year while total expenditure has also reported a downturn at Rs 1,704 crore as against Rs 2,227 crore last year. Consumption of raw materials which stood at Rs 861 crore as against Rs 1,390 crore contributed the most in total expenditure.

While interest costs have gone up to Rs 97 crore a compared to Rs 85 crore last year, depreciation and amortisation costs have come down from Rs 121 crore last year to Rs 108 crore. Meanwhile, the company has decided to defer the proposal for the rights issue till the next board meeting. Till the new managing director is appointed, Mr R Gopalakrishnan, executive director of the group executive office, Tata Sons and director of Telco will take the responsibility, for overseeing the day to day operations of the company.