Arab Today, arab today india tata motors q1 profit dives despite strong jlr sales
Last Updated : GMT 15:02:57
Arab Today, arab today
Arab Today, arab today

India Tata Motors Q1 profit dives despite strong JLR sales

Arab Today, arab today

Arab Today, arab today India Tata Motors Q1 profit dives despite strong JLR sales

Mumbai - AFP

India\'s top automaker Tata Motors Wednesday reported a 23 percent dive in net profit for April-June as higher sales for its British luxury marques failed to offset weak domestic demand. The auto giant reported consolidated net profit of 17.32 billion rupees ($283 million) for the three months to June compared to 22.44 billion rupees a year earlier, a larger drop than expected. Total revenues of Tata Motors, part of the giant steel-to-software Tata Group now controlled by new chairman Cyrus Mistry, rose eight percent to 443 billion rupees during the quarter. But demand for Jaguar and Land Rover vehicles was strong, with a 13 percent rise in revenues to 4.09 billion pounds ($6.26 billion) for the quarter and a 29 percent jump in net profit to 304 million pounds ($465 million). JLR said it sold 94,719 cars in the first financial quarter, a 10.4 percent rise from a year earlier. \"Our consolidated earnings were powered by a very good performance by Jaguar-Land Rover,\" said C. Ramakrishnan, chief financial officer of Tata Motors. He said JLR\'s operating profit rose due to an increase in volumes, new launches and a favourable foreign exchange rate. Tata Motors, which also makes the ultra low-cost Nano car, bought Jaguar and Land Rover from Ford Motor in 2008 for $2.3 billion as part of plans to expand its reach beyond Asia. The deal vaulted it from a commercial vehicle and small-car maker into a global player with luxury brands. JLR chief executive Ralf Speth said the firm aims to sell 100,000 cars in China this year. \"China is still growing and we hope to achieve an ambitious target of 100,000 cars this year,\" Speth told reporters in India\'s financial centre Mumbai. JLR reported a 37 percent rise in sales in the Asia-Pacific region, a 13 percent increase in Britain and an 11 percent rise in China, from a year earlier. \"We see JLR as a key driver for Tata Motor\'s fortunes for the next 10-15 years,\" said Sonam Udasi, head of research with IDBI Capital. \"Perversely, Tata Motor\'s non-India exposure encourages us to be buoyant about the stock,\" he added. JLR contributes the bulk of Tata Motors earnings. Tata Motors plans to invest nearly three billion pounds ($4.64 billion) in JLR, on new products, manpower and infrastructure in the year to March 2014. But in India, overall demand for new cars is slowing rapidly, with sales in June marking a record eight straight months of decline for the country\'s once red-hot car market. High borrowing costs, worries over a sharp slowdown in the economy and costly fuel prices have kept buyers out of showrooms. Tata Motors said its India business was \"impacted severely by weak macro-economic conditions\", as its sales for the quarter fell 19 percent from a year earlier to 154,352 vehicles. India\'s auto sector will continue to face a bleak outlook as financial companies are \"becoming stingy\" in offering auto loans, added Mahantesh Sabarad, auto analyst with Fortune Equity Brokers. The reduction in car financing is due to monetary tightening by the central bank to defend the rupee which hit record low against the dollar on Tuesday.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india tata motors q1 profit dives despite strong jlr sales Arab Today, arab today india tata motors q1 profit dives despite strong jlr sales

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday