India's Tata Motors posts 96 percent profit plunge
MUMBAI Feb 14 India's Tata Motors on Tuesday reported a worse than expected 96 percent fall in net profit for its third quarter, citing slow growth in sales at its British luxury carmaker Jaguar Land Rover and losses in its domestic business.
Consolidated net profit for the three months to Dec. 31 was 1.12 billion rupees ($16.73 million) compared with 29.53 billion rupees a year earlier. Total income from operations fell 4.3 percent to 685.41 billion rupees.
Analysts had expected Tata Motors to post a profit of 22.48 billion rupees, Thomson Reuters data shows. ($1 = 66.9300 Indian rupees) (Writing by Aditi Shah; Editing by David Goodman)