Tata Motors Ltd reported a 47% drop in quarterly profit on Monday as the Indian automaker struggled to sell its luxury Jaguar Land Rover (JLR) cars in key markets like China, and was also hit by a broader economic slowdown at home.
India's biggest automaker by revenue earned 11.17 billion rupees (roughly R2.3bn) in net profit for the three months ended March 31, its fourth quarter, versus 21.25 billion rupees (roughly R4.38bn) a year earlier when it took in a one-off charge of 16.41 billion rupees (roughly R3.38bn).
Revenue from wholly owned subsidiary Jaguar Land Rover Automotive PLC fell 5% to 651.46 billion rupees (roughly R134.4bn). The unit brings in most of Tata's revenue.
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