India's Tata Motors Q3 profit down 26%, misses estimates

[NEW DELHI] Tata Motors Ltd, India's biggest automaker by revenue, posted a 25.5 per cent fall in quarterly net profit, missing analyst estimates, weighed down by losses in its India business as vehicle sales fell.

Tata Motors, part of the US$100 billion Tata conglomerate, said on Thursday consolidated net profit in the quarter ended Dec 31 fell to 35.81 billion rupees (US$579.91 million) compared with 48.05 billion rupees a year ago.

Analysts had expected, on average, profit of 49.24 billion rupees, according to Thomson Reuters I/B/E/S.

Consolidated sales rose 9.6 per cent to 699.42 billion rupees.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes