Tata Motors Q2 net rises 11 pct
Tata Motors net profit 11 percent year-on-year at Rs 2,075 crore, falling short of expectations, as slowing growth and rising costs hit margins.
The company, which is India's top truck maker and also owns British luxury passenger vehicle brands Jaguar and Land Rover, reported consolidated revenue of Rs 43,403 crore in July-Sep, up 20 percent.
JLR continued to report strong growth, with net profit rising to GBP 305 million from GBP 172 million a year ago. Revenue was up 13 percent to GBP 3.3 billion.
"Weak macro-economic outlook and sluggish industrial demand, coupled with diesel price increases have impacted medium and heavy commercial vehicle sales.
"Further competitive pressures on pricing in certain segments and weak product mix, impacted operating margins," the company said.
The company's standalone margin in Q2 declined to 5.9 percent from 7.2 percent.