Tata Motors revenue, profit down
- Author: Zachary Reyes May 24, 2017,
May 24, 2017, 10:22
May 23 India's Tata Motors on Tuesday reported a 17 percent fall in fourth-quarter net profit, hurt by lower income from operations. Consolidated profit and revenue in Q4 was lower due to translation impact from Pound to Indian Rupee.
For the year ended March 31, 2017, consolidated PAT (profit after tax) stood at Rs 7,557 crore, down from Rs 11,678 crore posted in FY16.
For the year ended March 31, 2017, the Consolidated revenue (net of excise) was Rs.269,850 crores against Rs.273,111 crores for the last year. The manufacturer reported a net profit of ₹ 7557 crore, a drop of 35 per cent of the previous year.
Tata Motors'statement added that its commercial vehicle segment witnessed a muted growth dou to weak replacement demand and subdued freight demand from industrial segment, which was post demonetisation and lower pre-buying before the implementation of BSIV.
Exports, however, de-grew by 8.7 percent.
The sales (including exports) of commercial and passenger vehicles for the quarter ended March 31, 2017, stood at 151,606 units, a growth of 4.9%, as compared to the corresponding quarter past year.
Jindal Steel: The company's net loss narrowed to Rs 49.51 crore in Q4, compared to net loss of Rs 484 crore a year ago same period. The Indian automaker declared its financial results for the fourth quarter of 2016-17 and that's where the company Managing Director and CEO Gunter Butschek spoke about the reduction in workforce. In addition, the Company also under performed on many fronts, amplifying the impact of the external environment.
Ralf Speth, chief executive of what is Britain's biggest automotive business, said: "These solid results demonstrate the appeal of our products and our ability to deliver strong, profitable and sustainable growth".
Back home, after opening on a flat note, India markets retreated into negative terrain on Tuesday.
Considering the losses in the standalone business for the year, no dividend is permitted to be paid to the Members for fiscal 2017.