Tata Motors Q4 net profit falls
India's top automaker Tata Motors saw its net profit in the fourth
fiscal quarter fall 36.7 percent, but still managed to beat forecasts
amid shrinking domestic demand, the firm said Wednesday.
Consolidated net profit for Tata Motors, including its Jaguar and
Land Rover brands, slipped to 39.45 billion rupees ($704 million) for
the three-month period ending in March from 62.34 billion rupees in the
same period in 2012.
The company still recorded profits higher than the consensus market
forecasts of 28 billion rupees.
Revenues of Tata Motors, part of the giant steel-to-software Tata
Group now controlled by new chairman Cyrus Mistry, rose ten percent to
560 billion rupees during the quarter.This was despite a "weak operating
environment in the standalone (India) business, which was more than
offset by strong demand and growth in volumes" at Jaguar-Land Rover (JLR),
the company said in a statement.
MUMBAIMay 29, 2013