Tata Motors posted a 12% rise in first-quarter net profit, falling below expectations, as a jump in sales at its Jaguar Land Rover (JLR) subsidiary offset falling profit at its domestic business.
Shares in the India's biggest truck and bus maker extended falls after the announcement, losing as much as 4%.
Tata Motors, part of the $83 billion salt-to-steel conglomerate, said net profit for the quarter ended in June was Rs. 22.45 billion, up 12.3% from the previous year, with revenue up 30.1% at Rs. 433.2 billion.
Analysts, on average, expected net profit of 27.61 billion rupees on revenue of Rs. 429.4 billion, according to Thomson Reuters I/B/E/S.