Hit by weak consumer demand in the domestic market, Tata Motors on Wednesday missed analysts estimates by reporting a 24% decline in its consolidated net profit at R1,762.8 crore during the April-June quarter.
The company had posted a net profit of R2,313 crore in the same period last fiscal. The maker of passenger car brands like Tata Indica and Tata Safari cited weak macroeconomic environment and increased competitive intensities behind the slowdown in sales.
The company’s consolidated total income from operations during the period surged 8% to R46,784.6 crore, against R43,323.6 crore in the same period last fiscal; beating analyst expectations of R45,700 crore.
【News source】
Tata Motors net dips 24% to Rs 1,763 cr on weak demand
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