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Tata Motors’ Quarterly Revenue Shrinks
A one-time accounting gain boosted Tata Motors Ltd.’s net profit 42% to 32 billion rupees ($497 million) in April-June. But revenue shrank 10% to 587 billion rupees ($9.2 billion).
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A one-time accounting gain boosted Tata Motors Ltd.’s net profit 42% to 32 billion rupees ($497 million) in April-June. But revenue shrank 10% to 587 billion rupees ($9.2 billion).
Second-quarter sales of Tata brand passenger cars and commercial vehicles plunged 12% to 111,900 units. Results were hurt by a 35% drop in demand for Tata’s medium- and heavy-duty trucks.
CEO Guenter Butschek promises significant cost-cutting measures over the next several months that could include cancelling the company’s ultra-low-cost Nano coupe, the Financial Times says.
Tata Motors’ Jaguar Land Rover offered one financial bright spot in the second quarter. JLR’s revenue for the period rose 5% to £5.6 billion ($7.3 billion) as unit sales rose 4% to 137,500 vehicles. But operating profit, excluding a one-time credit related to a pension plan adjustment, plunged 60% to £158 million ($205 million).
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