Tata Motors Q1 net down 24% at Rs 1,762.81 cr

Homegrown auto major Tata Motors on Wednesday reported a 23.81 per cent decline in consolidated net profit to Rs 1,762.81 crore (Rs 17.62 billion) for the first quarter ended June 30.

The company had posted a consolidated profit of Rs 2,313.87 crore (Rs 23.13 billion) in the same quarter last fiscal, Tata Motors said in a statement.

Net sales stood at Rs 46,751.26 crore (RS 467.51 billion) compared with Rs 43,171.13 crore (Rs 431.71 billion) in the corresponding period last fiscal.

Sales from British arm Jaguar Land Rover were up 13.31 per cent to Rs 35,364.97 crore (Rs 353.64 billion) from Rs 31,209.59 crore (Rs 312.09 billion). Revenue from Tata and other brand vehicles was at Rs 11,152.09 crore (Rs 111.52 billion) as against Rs 11,850.33 crore (Rs 118.5 billion)during the quarter, down 5.9

per cent.

In terms of standalone unit volumes, the company posted an 18.96 per cent decline during the quarter to 1,54,352 units from 1,90,483 units in the year-ago quarter.

Consolidated net profit after taxes, minority interest and share of profit of associates was at Rs 1,726.07 crore (Rs 17.26 billion) against Rs 2,244.91 crore (Rs 22.44 billion). Tata Motors shares fell 4.05 per cent to Rs 275.70 in afternoon trade on the BSE.