Tata Motors Quarterly Profits Plummet 96%

Tata Motors Ltd. says its net profit in October-December plunged to 1.1 billion rupees ($17 million) from 29.5 billion rupees ($442 million) in the same period a year earlier. Revenue shrank 4% to about 685 billion rupees ($10.3 billion).

The company blames domestic losses in India and sagging profits from its Jaguar Land Rover unit in the U.K. India’s “demonetization” in November, which took 85% of the nation’s currency out of circulation, also disrupted sales.

Tata’s domestic operations for the quarter posted a net loss of 10.5 billion rupees ($157 million). Revenue from the company’s JLR unit rose 13% to £6.5 billion ($8.1 billion), but net profit dropped 62% to £167 million ($208 million).

Tata says it will launch an internal restructuring in April to make the company less bureaucratic and more agile. CEO Guenter Butschek tells reporters the goal is to make the company lean with a management structure that features “clearly addressed and delegated accountability.”