Tata Motors dips on lower-than-expected Q3 earnings
Q3 consolidated net profit at Rs 1,628 crore against Rs 3,406 crore a year ago quarter mainly due to higher depreciation expenses, forex loss and higher tax outgo.
Tata Motors is trading lower by 3% at Rs 288 in opening deals on NSE, after reporting a lower-than-expected consolidated net profit at Rs 1,628 crore for the quarter ended December 2012 (Q3) mainly due to higher depreciation expenses, forex loss and higher tax outgo.
Analysts, on an average, had expected a profit of Rs 2,770 crore. The company had reported a consolidated profit of Rs 3,406 crore in the same quarter last year. “The net sales for the quarter, however, increased marginally by 1.8% to Rs 46,090 crore on year-on-year basis,” Tata Motors said in a statement.
“The top-line performance too was lower-than-expected due to unfavorable product-mix at Jaguar and Land Rover (JLR) and standalone operations which resulted in a sequential decline in net average realization,” according to an analyst at Angel Broking.
A combined around one million shares have changed hands on the counter in opening deals on NSE and BSE.
Analysts, on an average, had expected a profit of Rs 2,770 crore. The company had reported a consolidated profit of Rs 3,406 crore in the same quarter last year. “The net sales for the quarter, however, increased marginally by 1.8% to Rs 46,090 crore on year-on-year basis,” Tata Motors said in a statement.
“The top-line performance too was lower-than-expected due to unfavorable product-mix at Jaguar and Land Rover (JLR) and standalone operations which resulted in a sequential decline in net average realization,” according to an analyst at Angel Broking.
A combined around one million shares have changed hands on the counter in opening deals on NSE and BSE.