Weak Rupee drags Tata Motors net down 16%

Tata Motors on Monday reported a 15.5% year-on-year fall in consolidated net profit at R1,887 crore for the quarter ended September, mainly due to a 76% drop in profit from domestic business and a forex loss of Rs 294 crore. HT reports.

Tata Motors on Monday reported a 15.5% year-on-year fall in consolidated net profit at R1,887 crore for the quarter ended September, mainly due to a 76% drop in profit from domestic business and a forex loss of Rs 294 crore.

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Revenue rose by 27% at Rs 36,198 crore in the quarter.

The Jaguar Land Rover business reported a 30% growth in net revenue at £3 billion (about Rs 23,461 crore) and a 2% drop in net profit at £238 million (Rs 1,907 crore), mainly due to high input costs.

The domestic business of the auto major suffered huge challenges in the quarter as car sales dropped 21% at 65,000 units. "Lower volumes and higher spend on marketing in the passenger car business affected performance," said C Ramakrishnan, CFO, Tata Motors.