New Delhi, August 7: Tata Motors Wednesday reported a decline in 23.11 per cent of the consolidated net profit for the first quarter of the current fiscal to Rs. 1762 rupees from Rs. Rs. 2.245 rupees in the corresponding period of the previous fiscal.
Group total income rose eight per cent to Rs. 46.785 rupees for the first quarter of the current fiscal from Rs. 43.324 crore for the quarter ended June 30, 2012.
However, the profit of the company increased Offline 242% for the first quarter to Rs. 703.26 crore from Rs. 205.34 crore in the fiscal quarter, due to high dividends from its subsidiaries, including Jaguar Land Rover.
"Weak operating environment in a separate business was more than offset by the high demand, the growth in volumes, richer product mix and favorable foreign currency on Jaguar Land Rover (JLR)," the company said in a statement.
According to company dividends from its subsidiaries, especially the Jaguar Land Rover came to about Rs. 1 crore in the quarter of 537.12, under review from Rs. 253 crore in the corresponding quarter of the previous fiscal.
However, the car manufacturer standalone earnings for the quarter ended June 30, 2013 was down 16.26% and amounted to Rs. 9.105 crore from Rs. 10.586 crore in the first quarter of 2012-13.
The Operating margin was 2.3% for the quarter ended June 30, 2013, compared with 7.3 percent in the year-ago quarter, "the company said.
"The weak macroeconomic environment and the competitive pressure on prices continued to impact operations during the quarter.
Offline sales, including exports of commercial and passenger vehicles for the quarter reporting was on 1, 54, 352 units, a decline of 19 percent from the 190.483 units sold in the last fiscal quarter.
JLR wholesale and retail trade in the quarter ended June 30, 2013 year, grew by 8.6% and 10.4% in the same period last year to 94.719 units and units 90.620, respectively.
JLR in earnings for the quarter ended June 30, 2013 year GBP 4,097 million pound represents 12.6% growth compared to 3.638 million pounds in the year-ago quarter.
Net profit for the quarter grew by 24.6% for the corresponding quarter of the previous year to 415 million pounds from 333 million pounds in the corresponding quarter of 2012-13.
Company Scrip in the Bombay Stock Exchange (BSE) closed on Wednesday trading down 2.96 percent or 8.50 points at Rs. 278.85 from his previous close of Rs. 287.35.
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