India’s Tata Motors Q3 profit slumps on weak JLR income

Business

Business

India’s Tata Motors Q3 profit slumps on weak JLR income

Close

India’s Tata Motors Q3 profit slumps on weak JLR income

Follow on

Published On: Wed, 29 Jan 2025

17:38:46 PKT

(Reuters) – India’s Tata Motors reported a 22% 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 54.51 billion rupees ($630 million) in the quarter from 70.25 billion rupees a year before.

Analysts were expecting a profit of 67.42 billion rupees, according to data compiled by LSEG.

JLR’s pre-tax profit dropped 12% during the quarter, while the India car business posted a 38% 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.  

‘ ;
var i = Math.floor(r_text.length * Math.random());
document.write(r_text[i]);

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}