Tata Motors Q3 net profit in Rs 1,756 crore

NEW DELHI: Tata Motors posted a consolidated net profit of Rs 1,755.88 million on Thursday for the third quarter ended December 31, 2019.

The major car had reported a net loss of Rs 26,960.8 crore during the period from October to December 2018-19.

Total revenue from operations amounted to Rs 71,676.07 rupees compared to Rs 76,915.94 rupees in the same period last year, Tata Motors said in a regulatory document.

Independently, the company recorded a net loss of Rs 1,039.51 rupees compared to a gain of Rs 617.62 rupees in the quarter of the previous year.

Total independent income stood at Rs 10,842.91 million compared to Rs 16,207.67 million in the same period of the previous year.

During the third quarter, the company's independent wholesale sales, including exports, decreased 24.6 percent to 1.29,185 units.

Revenue from the British arm Jaguar Land Rover increased to 6.4 billion pounds, up 2.8 percent compared to the same previous fiscal period. Total brand retail sales fell 2.3 percent during the period under review compared to the same period of the previous fiscal year.

While Jaguar Land Rover has continued its recovery, the market downturn and the reduction of BS-VI shares in the domestic market have affected the company's performance, Tata Motors said.

Jaguar Land Rover continued its transformation and transformation journey with another strong delivery room. China continues to improve gradually while Project Charge is well ahead of plans that have already delivered 2.9 billion pounds so far, he said.

In India, the automotive industry continues to be affected by the general economic slowdown. Profitability was affected by an adverse combination where, despite the increase in market shares, M&HCV volumes declined, the company said.

This, together with the proactive reduction in system stocks of Rs 3.8 billion rupees resulted in the loss of operating leverage, he said.

In addition, he said: Although the short-term market situation is fluid, we are optimistic in the medium term by launching our exciting range of BS-VI products with our system inventory in a minimum of several years. We remain focused on promoting our strategy of change and smooth transition to BS-VI.

Tata Motors shares on Thursday closed 0.98 percent at a price of Rs 186.20 each in the BSE.