Tata Motors quarterly profits plunge on lower JLR China demand
MUMBAI (Bloomberg) -- Tata Motors Ltd. quarterly gains dropped as desire for Jaguar-Land Rover automobiles declined in China amid an industry slow down.
Net income dropped to 27.7 billion rupees ($434 million) in the quarter through June from 54 billion rupees a year before, the Mumbai-based firm said.
Net income in the Jaguar-Land Rover unit fell to 492 million lbs ($764 million) from 693 million pounds.
Jaguar Land-Rover re-Tail revenue dropped 33% in China in the quarter, leading to a 1 percent drop in world-wide deliveries. The luxury device has cut its revenue goals and costs in China as auto makers from Toyota Motor Corp. to BMW A-G alert about a slow down in the world's largest automobile market.
Tata Motors' profits were also hurt with a protracted slump in sales of its own light commercial vehicles in India.
The automaker's sales dropped to 610.2 billion rupees from 646.8 billion rupees. Sales in the luxurious unit decreased to 5 billion pounds from 5.35 billion lbs.
Jaguar Land-Rover has predict sales will increase to some record of over 500 500,000 automobiles this year, up from 462,678 units in 2014, aided by new versions such as the entry level Jaguar XE sedan and the Discovery Activity from Land-Rover. Sales dropped 0.5 percent to 239,212 components in the 1st half.
The auto-maker net net gain of 27.7 million rupees trailed the 31.4 billion-rupee median of 31 analysts' estimates published by by Bloomberg.
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