New Delhi: Tata Motors Ltd on Friday reported a Rs 430 crore ($65.4 million) net loss in the July to September quarter, hit by a one-time charge and slowing sales in China, once its fastest growing market.
Tata Motors said it had booked a Rs 2,493-crore charge after a chemical blast in the Chinese port of Tianjin in August destroyed or damaged thousands of vehicles made by its Jaguar Land Rover.
Analysts on average had expected Tata to report a net profit of Rs 2,136 crore for the quarter, according to Thomson Reuters data. Last year the company made Rs 3,290 crore in profit during the same period.
Tata Motors said stronger performance in Europe and North America had helped to offset weaker sales in China and other emerging markets, and net sales during the second quarter rose to Rs 60,853 crore versus Rs 60,164 crore a year earlier.
($1 = Rs 65.7800)
Tata Motors said it had booked a Rs 2,493-crore charge after a chemical blast in the Chinese port of Tianjin in August destroyed or damaged thousands of vehicles made by its Jaguar Land Rover.
Analysts on average had expected Tata to report a net profit of Rs 2,136 crore for the quarter, according to Thomson Reuters data. Last year the company made Rs 3,290 crore in profit during the same period.
Tata Motors said stronger performance in Europe and North America had helped to offset weaker sales in China and other emerging markets, and net sales during the second quarter rose to Rs 60,853 crore versus Rs 60,164 crore a year earlier.
($1 = Rs 65.7800)
© Thomson Reuters 2015
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