Arab Today, arab today indias tata motors profits dive 56
Last Updated : GMT 08:44:49
Arab Today, arab today
Arab Today, arab today

India's Tata Motors profits dive 56%

Arab Today, arab today

Arab Today, arab today India's Tata Motors profits dive 56%

Tata Motors
Mumbai - AFP

India's largest carmaker Tata Motors reported a 56 percent slump in quarterly net profit on Tuesday due to weak earnings from its luxury British unit and sluggish domestic sales.

Consolidated net profit for the fourth quarter which ended March 31 slumped to 17.17 billion rupees ($268 million) from 39.18 billion rupees during the same period a year earlier, the Mumbai-based company said.

It came in below the expectations of 24 analysts surveyed by Bloomberg who had predicted a 40.6 billion-rupee profit for the auto giant, part of India's massive tea-to-steel conglomerate the Tata Group.

Tata Motors' consolidated net profit for the financial year also declined, falling to 139.86 billion rupees ($2.19 billion) from 139.91 billion rupees for 2013-14.

A 33 percent decline in profit at Jaguar Land Rover (JLR), which Tata Motors bought for $2.3 billion from Ford in 2008, contributed to the slide, the company said in a statement to the stock exchange.

The firm blamed the fall at JLR to "higher depreciation and amortisation", effectively higher write-offs, and "unfavourable revaluation of foreign currency debt and unrealised hedges".

Tata Motors remained upbeat about JLR's potential however, and said it was likely to invest nearly four billion pounds ($6.16 billion) in the luxury unit in coming months.

Earnings were also hit by a prolonged slump in sales of small commercial vehicles in India.

Losses at Tata's Indian operations continued to balloon and reached 11.64 billion rupees for the quarter and 47.39 billion rupees for the year.

 

arabstoday
arabstoday

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 indias tata motors profits dive 56 Arab Today, arab today indias tata motors profits dive 56

 



Arab Today, arab today

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 indias tata motors profits dive 56 Arab Today, arab today indias tata motors profits dive 56

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
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