Major autmobile manufacturer Tata Motors reported a 48.7% decline in their consolidated net profits at Rs 2,768.91 crore on Saturday, with the decline in the first quarter mainly due to a reduction in sales of its British asset Jaguar Land Rover.
The company had reported a consolidated net profit of Rs 5,398.21 crore in the same quarter of previous fiscal year.
Consolidated net sales during the period under review stood at Rs 60,180.57 crore as against Rs 64,150.74 crore in the year-ago period, down 6.18%, the company said in a filing to the BSE.
JLR's revenue stood at Rs 49,178.5 crore during the first quarter as against Rs 54,425.97 crore in the year-ago period, down 9.64%.
The company said JLR's financial performance in the quarter under review was lower than the strong corresponding quarter last year due to softer sales in China but was partially offset by strong performance in the UK, Europe and North America.
Tata Motors sales, including exports, of commercial and passenger vehicles for the quarter stood at 1,17,439 units, up 6.2%, as compared to the corresponding quarter last fiscal.
On a standalone basis, Tata Motors net profit for the June quarter stood at Rs 257.57 crore, down 34.56% from Rs 393.65 crore in the year-ago period.
Standalone net sales were at Rs 9,197.62 crore as against Rs 7,612.89 crore in the previous fiscal, it added. Tata Motors shares ended at Rs 392.55 apiece on the BSE on Saturday, up 2.52% from the previous close.