A steep loss in the domestic business and a decline in luxury car unit Jaguar Land Rover's margins dragged down Tata Motors consolidated third quarter profit by 52.2% year-on-year to Rs.1,604 crore, down from Rs.3,422.7 crore a year ago.
Revenue grew a meagre 1.8% to Rs.45,260
On a standalone basis, the auto maker posted a net loss of Rs.458.49 crore against a net profit of Rs.173.67 crore in the same period of the last fiscal year on poor car and truck sales.
Medium and heavy truck sales, the mainstay of the company's India business, declined 38% while car sales declined 36%.
The saving grace was a 33% rise in the sales of mini trucks and vans.
JLR, the UK-based premium car subsidiary of Tata Motors, saw its profits decline by 14% to £296 million (Rs.2,475 crore) while revenue grew 1.4% to £3.8 billion (Rs.31,802 crore).
Although JLR volumes grew 10% to 94,828 units, its operating margin declined from 17% to 14%, leading to a drop in profits.