Tata Motors' Q3 profit crashes by 96% on domestic losses

Homegrown auto major Tata Motors on Tuesday reported 96.22 per cent decline in consolidated net profit to Rs 111.57 crore for the December quarter, dragged down by losses in domestic operations and lower profit of its British arm JLR.

It had posted net profit of Rs 2,952.67 crore in the same quarter of last fiscal, Tata Motors said in a BSE filing.

The company's consolidated sales during the October- December quarter were down 2.2 per cent to Rs 67,864.95 crore as against Rs 69,398.07 crore in the year-ago period. On a standalone basis, Tata Motors' loss after tax widened to Rs 1,046 crore in the third quarter of 2016-17, from Rs 137 crore a year ago.

The revenues (net of excise) of the standalone business (including joint operations) for the quarter under review stood at Rs 10,167 crore, as compared to Rs 10,019 crore in the third quarter of 2015-16, up 1.47 per cent.

Tata Motors said its British arm Jaguar Land Rover posted revenue of 6,537 million pounds, compared to 5,781 million pounds –up 13.1 per cent.