AFP, Mumbai :
Indian carmaker Tata Motors on Wednesday reported a staggering 50 percent fall in quarterly net profit, blaming a huge one-off investment and a slowdown in sales.
Consolidated net profit for the three months ending March 31 fell to 21.25 billion rupees ($310.53 million) from 43.36 billion rupees a year earlier, the Mumbai-based company said.
Analysts had predicted that Tata Motors would record a net profit of $550 million but they were unaware of a multi-billion-dollar investment which the firm said was responsible for the profits slump.
“…FY18 has been a hallmark year for Tata Motors with a record-breaking sales performance, increase in market share and the standalone business turning profitable before one-time exceptional charges,” CEO Guenter Butschek said in a statement. Tata Motors said it had made a $4.5 billion investment in developing unspecified technology for its flagship product Jaguar Land Rover.
Consolidated revenue for the fourth quarter rose to 912.79 billion rupees from 787.47 billion rupees a year earlier, the company added.
Indian carmaker Tata Motors on Wednesday reported a staggering 50 percent fall in quarterly net profit, blaming a huge one-off investment and a slowdown in sales.
Consolidated net profit for the three months ending March 31 fell to 21.25 billion rupees ($310.53 million) from 43.36 billion rupees a year earlier, the Mumbai-based company said.
Analysts had predicted that Tata Motors would record a net profit of $550 million but they were unaware of a multi-billion-dollar investment which the firm said was responsible for the profits slump.
“…FY18 has been a hallmark year for Tata Motors with a record-breaking sales performance, increase in market share and the standalone business turning profitable before one-time exceptional charges,” CEO Guenter Butschek said in a statement. Tata Motors said it had made a $4.5 billion investment in developing unspecified technology for its flagship product Jaguar Land Rover.
Consolidated revenue for the fourth quarter rose to 912.79 billion rupees from 787.47 billion rupees a year earlier, the company added.
