Tata Motors’ consolidated Q3 net profit plunges
Mumbai, Feb 14 (IANS) Automobile giant Tata Motors on Tuesday reported a steep drop of 96.20 per cent in its net profit (post profit/loss in respect of joint ventures and associate companies) for the quarter ended December 31, 2016.
The consolidated net profit after tax decreased to Rs 112 crore from Rs 2,953 crore during the corresponding quarter of last fiscal.
The automobile manufacturer’s consolidated revenue stood at Rs 67,484 crore during the quarter under review, down 4.36 per cent from Rs 70,567 crore during the like quarter of the previous fiscal.
The company blamed an “unfavourable translation impact of Rs 10,670 crore” for the substantial decrease in its consolidated revenue.
Segment-wise, Jaguar Land Rover’s (JLR) net profit declined by 62.04 per cent to 167 million pounds for the quarter ended December 31, 2016, compared to 440 million pounds in the corresponding period of last fiscal.
The JLR’s total retail sales, including the China JV (joint venture), during the third quarter stood at 149,288 units, up 8.5 per cent.
Tata Daewoo Commercial Vehicles registered net revenue of approximately Rs 1,603 crore and recorded a net profit of Rs 90 crore during the quarter under review.
Tata Motors Finance, the company’s financing subsidiary, registered a net revenue from operations of Rs 688 crore and reported a loss after tax of Rs 3 crore during the quarter.
On a standalone basis, the company reported a massive net loss after tax for the quarter ended December 31, 2016.
“Loss before and after tax for the quarter ended December 31, 2016 was Rs 1,032 crores and Rs 1,046 crores, respectively, against Rs 139 crores and Rs 137 crores, respectively, for the corresponding quarter last year,” the company said in a statement.
The automobile major’s standalone revenue, including joint operations, during the quarter under review rose by 1.47 per cent to Rs 10,167 crore from Rs 10,019 crore earned during the corresponding period of last year.
“Operating profit (EBITDA) of the standalone business (including Joint Operations) for the quarter stood at Rs 153 crore with operating margin at 1.5 per cent,” the statement said.
Tata Motors’ sales of commercial and passenger vehicles including exports for the third quarter of the financial year stood at 132,572 units representing a growth of 7.5 per cent as compared to the corresponding period of the previous year.
The company’s scrip at the BSE declined by 3.68 per cent or Rs 18.60 per share to Rs 486.80 from its previous close of Rs 505.40 per equity share.