Tata Motors Q3 Profit Drops Steeply
Tata Motors has reported its fiscal Q3 2013 results. Although net revenue grew slightly on a year-over-year basis (by nearly 2% to 461 billion rupees ($8.6 billion), net profit fell by more than 50%, to 16.3 billion rupees ($303 million). This was partially due to the performance of the company's core division, the namesake Tata Motors. That unit saw a 20% year-over-year drop in net revenue, to 106 billion rupees ($2 billion), while its bottom line plunged into the red, at 4.6 billion rupees ($85 million).
Although the firm's major luxury division, Jaguar Land Rover, has been posting record unit sales results of late, its finances haven't matched that performance. Its net revenue advanced only slightly in Q3, by 1.5% on an annual basis, to 38 billion rupees ($705 million), while its net fell by 25%, to 3 billion rupees ($56 million).
The article Tata Motors Q3 Profit Drops Steeply originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Tata Motors. The Motley Fool has no position in Tata Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.