Homegrown auto major Tata Motors today reported a 56.19 per cent decline in consolidated net profit at ₹1,716.50 crore for the fourth quarter ended March 31, as its domestic business remains a drag, while British arm Jaguar Land Rover also witnessed weak demand.
The company had reported a consolidated net profit of ₹3,918.29 crore in the same quarter previous fiscal.
Consolidated net sales during the period under review stood at ₹67,297.99 crore as against ₹64,715.81 crore in the year-ago period, up 3.99 per cent, the company said in a filing to the BSE.
Tata Motors sales, including exports, of commercial and passenger vehicles for the quarter stood at 1,39,053 units, up by 5.1 per cent, as compared to the corresponding quarter last year.
On a standalone basis, Tata Motors net loss for the fourth quarter widened to ₹1,164.25 crore from ₹816.61 crore in the year-ago period.
Standalone net sales were at ₹10,676.19 crore as against ₹8,438.86 crore in the previous fiscal, it added.
Jaguar Land Rover posts lower profits
Jaguar Land Rover (JLR) profit after tax during the fourth quarter stood at £302 million as against £449 million in the corresponding period last year.
For the entire fiscal 2014-15, JLR’s wholesales were at 4,62,209 units, while on quarterly basis it sold 1,29,205 units.
For the fiscal, Tata Motors consolidated net profit was at ₹13,986.29 crore, marginally down from ₹13,991.02 crore in the previous year.
Consolidated net sales for 2014-15 stood at ₹2,60,734.33 crore as against ₹2,30,677.10 crore in the previous fiscal.
The company’s board announced that due to continued weak operating environment in the standalone business, and in view of the losses for the year, no dividend will be paid for 2014-15 .
Tata Motors shares today ended at ₹497.10 apiece on the BSE, down 1.60 per cent from the previous close.