Tata Motors Ltd on Friday announced its first quarterly results and said that its consolidated net profit was down 48.7 per cent at Rs 2,768.91 crore as sales of its Jaguar saloons and sporty Range Rovers dipped in China. The company's consolidated net sales during the period under review stood at Rs 60,180.57 crore as against Rs 64,150.74 crore in the year-ago period, down 6.18 per cent.
The economy in China, an important market for Tata Motors' luxury arm Jaguar Land Rover, has slowed to its slackest pace in 25 years and low consumer confidence is affecting car sales in the country.
The company had reported a consolidated net profit of Rs 5,398.21 crore in the same quarter of previous fiscal.
JLR's revenue stood at Rs 49,178.5 crore during the first quarter as against Rs 54,425.97 crore in the year-ago period, down 9.64 per cent.
The company said JLR's financial performance in the quarter under review was lower than the strong corresponding quarter last year due to softer sales in China but was partially offset by strong performance in the UK, Europe and North America.
Tata Motors sales, including exports, of commercial and passenger vehicles for the quarter stood at 1,17,439 units, up 6.2 per cent, as compared to the corresponding quarter last fiscal.
On a standalone basis, Tata Motors net profit for the June quarter stood at Rs 257.57 crore, down 34.56 per cent from Rs 393.65 crore in the year-ago period.
Standalone net sales were at Rs 9,197.62 crore as against Rs 7,612.89 crore in the previous fiscal, it added.
Tata Motors shares on Friday ended at Rs 392.55 apiece on the BSE, up 2.52 per cent from the previous close.
With PTI inputs