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Tata Motors’ Rs3,920 crore profit in March quarter trails estimates

LiveMint logoLiveMint 29-05-2014 Siddharth Philip

Mumbai: Tata Motors Ltd, India’s biggest auto maker, posted profit that missed analyst estimates as a wider-than-expected loss at the local business eroded gains from its Jaguar Land Rover unit.

Net income declined to `3,920 crore in the fourth quarter ended March, the Mumbai-based company said on Thursday. That lagged behind the `4,610 crore median of 30 analyst estimates compiled by Bloomberg. Jaguar Land Rover profit increased to £449 million from £377 million, it said.

The luxury unit is helping buoy the company, which is struggling to revive profitability of the Indian business. Deliveries of cars, trucks and buses at home declined 36% in the quarter, while sales gained 8% at Jaguar Land Rover spurred by demand in China.

“I’m not expecting any miracles from the domestic business of Tata Motors,” Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd, said before the earnings announcement. “The domestic business has slipped a lot and will continue to underperform for the next one or two quarters.”

The loss at the stand-alone level widened to `817 crore.

Tata Motors closed 1.18% lower at `423.80 apice on BSE on Thursday, before the earnings were announced. The stock has climbed 13% this year, compared with a 14% advance for the benchmark S&P BSE Sensex. Bloomberg

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