Jaguar Profit Drop Dents Tata Motors Earnings; Stock Tumbles

  • Jaguar Profit Drop Dents Tata Motors Earnings; Stock Tumbles

Jaguar Profit Drop Dents Tata Motors Earnings; Stock Tumbles

Passenger vehicles segment grew by 25.4% Y-o-Y with auto segment growth of 31.1% Y-o-Y on the back of continued strong response to the Tiago.

The company is also implementing a management transformation from the beginning of April aimed at bringing in speed, simplicity and agility to deal with market volatility, he said.

Tata Motors Ltd.'s quarterly profit plunged 97 percent after margins at its luxury Jaguar Land Rover unit narrowed and costs surged.

Tata Motors consolidated total income was broadly in line with the estimates, at Rs 68,541 crore, falling marginally from Rs 71,616 crore in the same quarter a year ago.

Last year, India's largest carmaker had recorded a Rs 29.53 billion in the three months ending December last year, but this year the profits plummetted to Rs 1.12 billion. The China operation generated a higher profit of 35 million pounds in the October-December 2016 quarter compared to 22 million pounds in the corresponding period of the previous year.

As the domestic business foundered, JLR has sustained Tata Motors.

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The Tata Motors' stock closed lower on Tuesday after the firm reported a 96 percent fall in Q3 profit.

Tata Motors Finance, the company's financing subsidiary, registered a net revenue from operations of Rs 688 crore and reported a loss after tax of Rs 3 crore during the quarter. "JLR margins would definitely be better in the fourth quarter, hopefully on the back of the new launches that we have". The United States accounts for about 25% of JLR's sales.

"Operating profit (EBITDA) of the standalone business (including Joint Operations) for the quarter stood at Rs 153 crore with operating margin at 1.5 per cent", the statement said.

"JLR had lower wholesale volumes", C. Ramakrishnan, chief financial officer of Tata Motors, said at a briefing in Mumbai.

To offset the impact of a border tax now being studied by the Trump administration, Jaguar Land Rover would need to raise prices by more than $17,000 per vehicle, according to West Bloomfield, an analyst at Michigan-based Baum & Associates LLC.