Tata Motors PV profit plunges 79% as JLR weighs on India gains
Mumbai, Aug. 13 -- Tata Motors PV reported a 79% year-on-year (y-o-y) fall in consolidated profit to Rs.859 crore in the April-June quarter, its third consecutive quarterly decline since demerging from the commercial vehicle business, as weak performance at its British subsidiary - luxury carmaker Jaguar Land Rover (JLR) - and higher raw-material costs offset strong growth in its India passenger-vehicle business.
Consolidated revenue grew 9% to Rs.95,799 crore, while the India passenger-vehicle business reported a 65% increase in revenue to Rs.17,930 crore and turned profitable before tax and exceptional items.
The steep fall in profits reflected JLR's 74% y-o-y fall in profit after tax to £66 million, while operating profit margin...
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