Tata Motors Q3 net down 2% at Rs 3,507.54 crore

Mumbai: Tata Motors Thursday reported 2 percent decline in consolidated net profit to Rs 3,507.54 crore in the third quarter ended December 31, 2015-16, due to weaker sales mix and higher depreciation costs.

The company had posted consolidated net profit of Rs 3,580.72 crore in the same period last fiscal, Tata Motors said in a BSE filing.

Net sales in the third quarter of current fiscal were up 3.71 percent at Rs 71,686.12 crore, as against Rs 69,121.61 crore in the year-ago period, it added.

The company said its profit was lower due to weaker sales mix (both model and market), higher depreciation and amortisation expenses, non recurrence of an annual China tax rebate (received in the third quarter of 2014-15, but in current year it was received only in the first quarter of 2015-16) and other items in the Jaguar Land Rover business.

On a standalone basis, Tata Motors posted a narrowing of net loss of Rs 200.86 crore during the quarter from a loss of Rs 2,122.72 crore in the year-ago period.

Standalone net sales were at Rs 9,889.44 crore as against Rs 8,943.57 crore in the year-ago period.

On a standalone basis, unit volume sales sales, including exports of commercial and passenger vehicles, for the quarter ended December 31, 2015, stood at 1,23,295 units, a decline of 3.3 percent, as compared to the corresponding quarter last year, Tata Motors said.

Jaguar Land Rover revenues for the quarter ended December 31, 2015 were 5,781 million pounds, compared to 5,879 million pounds for the corresponding quarter last year.

JLR wholesales (excluding China JV) for the quarter were 137,631 units, up 12.6 percent, it said, adding China JV wholesales for the quarter were 12,830 units.

Shares of Tata Motors ended the day at Rs 275.65 apiece, down 5.55 percent from the previous close on BSE.