Mumbai: Carmaker Tata Motors posted its first fall in profit for 15 months as margins at its key Jaguar Land Rover (JLR) unit fell, and its domestic business reported a loss on plunging sales.
Tata, Asia’s seventh-biggest carmaker by market value, fell far below market estimates with net profit for the October-December quarter of Rs 1628 crore, down 52 percent from a year ago and the first fall since the three months to September 2011.
Analysts had expected average profit of Rs 2890 crore , according to Thomson Reuters Starmine.
British luxury carmaker JLR, whose soaring profits have propped up its weaker parent for the past 18 months, said its EBITDA (earnings before interest, tax, depreciation and amortisation) margin was 14 percent during the quarter, down from 17 percent a year ago.
Tata’s core Indian business posted a loss of Rs 458 crore, the company said in a statement on Thursday, against profit of 1.74 billion in the same period last year.