Tata Motors Q3 results: Net profit falls 22% to Rs 5,451 cr on discounts
The company's profit fell to Rs 5,451 cr ($630 million) in the quarter from Rs 7,025 crore a year before
 "Tata Motors Q3 results: Net profit falls 22% to Rs 5,451 cr on discounts")
India's Tata Motors reported a 22 per cent drop in third-quarter profit on Wednesday, significantly missing analyst estimates, hurt by weak performance at its Jaguar Land Rover (JLR) and domestic car businesses.
The company's profit fell to Rs 5,451 crore ($630 million) in the quarter from Rs 7,025 crore a year before.
Analysts were expecting a profit of Rs 6,742 crore, according to data compiled by LSEG.
JLR's pre-tax profit dropped 12 per cent during the quarter, while the India car business posted a 38 per cent slide in earnings.
Analysts had said high discounts offered by both businesses to boost demand would hurt earnings at the automaker.
JLR accounts for a little over two-thirds of revenue for Tata Motors, and sales of the luxury unit's pricey Range Rover Sport SUV are a cash cow for its Indian parent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)