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Tata’s Net Income Drops 7%
Tata Motors Ltd.'s revenue rose 8% to 602 billion rupees ($9.7 billion) in the fiscal second quarter ended Sept. 30.
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Tata Motors Ltd.'s revenue rose 8% to 602 billion rupees ($9.7 billion) in the fiscal second quarter ended Sept. 30.
But net earnings fell 7% to 33 billion rupees ($532 million) for the period. Analysts say results were hurt by slumping domestic sales and the cost of discounting commercial vehicles.
Domestic operations posted a net loss of 19 billion rupees ($300 million) in July-September. Quarterly net profits from the company's Jaguar Land Rover luxury vehicle were 450 million ($703 million) compared with 507 million a year earlier. JLR's revenue expanded 7% to 4.8 billion ($7.5 billion).
Tata's car sales in India plunged 32% in April-September.
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