Tata Motors net profit falls 56%, misses estimates

Tata Motors, country's biggest automaker by revenue, reported a drop in quarterly net profit due to a spike in costs despite steady sales of its luxury Jaguar Land Rover unit and an increase in demand for its cars in its home market.

Tata Motors reported a 56 per cent fall in net profit to Rs 1,717 crore ($268.3 million) for the January-March quarter, compared with Rs 3,918 crore a year earlier. Net sales rose 4 per cent to Rs 67,298 crore.

Analysts had on average expected a profit of Rs 4,095 crore, according to Thomson Reuters Starmine.

($1 = Rs 64.0000)

(Reuters)