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Tata’s Profit Drops 56%
Tata Motors Ltd.'s revenue in the fiscal fourth quarter ending March 31 grew 4% to 673 billion rupees ($10.5 billion). But net profit plunged to 17.2 billion rupees ($268 million) from 3.9 billion a year earlier.
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Tata Motors Ltd.'s revenue in the fiscal fourth quarter ending March 31 grew 4% to 673 billion rupees ($10.5 billion). But net profit plunged to 17.2 billion rupees ($268 million) from 3.9 billion a year earlier.
Results were dragged down by slower sales for the company's Jaguar Land Rover luxury vehicle unit, including a 33% drop in volume in China. JLR's quarterly revenue rose 9% to 5.8 billion ($9 billion), but net profit fell by one-third to 302 million ($465 million).
Tata Motors says profits also were hurt by unfavorable exchange rates and the cost of launching new models and opening an assembly plant in China and an engine plant in the U.K.
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