tata motors net incomevehicle sales drop
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Tata Motors net income vehicle sales drop

Arab Today, arab today

Arab Today, arab today Tata Motors net income  vehicle sales drop

Mumbai - Arabstoday

Tata Motors first-quarter profit missed analysts' estimates as the owner of Jaguar Land Rover reported sales of its passenger cars in India fell and Jaguar deliveries declined. Net income rose to Rs20 billion (Dh1.62 million) in the three months that ended on June 30 from Rs19.9 billion a year earlier, according to a statement from the Mumbai-based car manufacturer on Thursday. Profit lagged behind the Rs21.6 billion median of 32 analysts' estimates compiled by Bloomberg. Sales increased 24 per cent to Rs333.9 billion. Jaguar unit sales declined 27 per cent in the period from a year-earlier, while Tata Motors posted an 8.5 per cent drop in Indian passenger vehicle sales in the quarter as rising interest rates damped demand in a country where about 80 per cent of purchases are funded by loans. Article continues below The Jaguar Land Rover unit, bought by Tata Motors in 2008, is planning to introduce new vehicles to compete for a bigger share of the high-end segment. "The main issue in the earnings was the performance of Jaguar Land Rover," said Walter Rossini, who helps manage about $300 million (Dh1.1 billion) in Indian assets at Aletti Gestielle SGR SpA in Milan. "Probably the market overestimated the strength of Jaguar Land Rover on the basis of the performance of other luxury brands." Trailing BMW Sales of Jaguar and Land Rover vehicles rose 5 per cent in the quarter, compared with 15 per cent for BMW AG and 4.4 per cent for Daimler AG's Mercedes-Benz. Tata Motors shares declined as much as 4.4 per cent to Rs812, and were trading at Rs814.85 in Mumbai. The benchmark Sensitive Index of the Bombay Stock Exchange was little changed. The company's compact Range Rover Evoque, which goes on sale next month, has received about 18,000 bookings, Tata Motors said in the statement. The company plans to introduce a 2.2 litre, diesel Jaguar XF by the end of this year. "Everyone is looking at the Evoque and also at the product launches from Jaguar that will help increase sales," said Juergen Maier, who helps manage about $1.2 billion of emerging- market shares, including Indian stocks, at Raiffeisen Capital Management in Vienna. Jaguar, the 76-year-old British luxury-car brand, aims to challenge BMW with a hybrid supercar and an entry-level sedan to compete with the 3-Series. The new models are part of Tata's plans to invest £1.5 billion (Dh8.97 billion) annually in product development at Jaguar and sister brand Land Rover over the next five years. ‘Strong performances' "We continue to see strong performances in key markets such as China and Russia and very soon we will have some exceptional new product offerings," Ralf Speth, chief executive officer at Jaguar Land Rover, said. Tata Motors is turning to the British luxury brands, which it purchased from Ford Motor, for growth and to drive international ambitions. The Jaguar Land Rover unit, based in Gaydon, England, generated 57 per cent of Tata Motors' revenue for the year ended March 31, up from 53 per cent a year earlier.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tata motors net incomevehicle sales drop tata motors net incomevehicle sales drop

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tata motors net incomevehicle sales drop tata motors net incomevehicle sales drop

 



GMT 04:22 2017 Tuesday ,26 December

Israel in touch with '10 countries' over embassy moves

GMT 19:43 2017 Friday ,06 October

Employee safety top priority at Khalifa Port

GMT 16:19 2017 Friday ,28 April

ISIS Suspect Arrested in Western Germany

GMT 12:57 2017 Monday ,11 December

50 Students Poisoned by Contaminated Well Water

GMT 16:31 2017 Thursday ,10 August

Palestinians will discuss decline of aids

GMT 21:15 2017 Saturday ,04 March

Obama never ordered surveillance on any US citizen

GMT 10:00 2017 Thursday ,09 March

Russia ‘can be good friends with GCC’

GMT 02:13 2017 Wednesday ,22 February

Russian helicopter crash kills 19 in Siberia

GMT 13:23 2017 Tuesday ,05 December

Lebanon PM Hariri rescinds resignation

GMT 00:39 2017 Tuesday ,05 December

Gunmen kill cleric in Aden, southern Yemen

GMT 11:43 2016 Thursday ,24 November

Will learn from Euro exit

GMT 06:56 2017 Tuesday ,17 October

US ‘not taking sides’ between Iraqi forces, Kurds

GMT 19:59 2017 Thursday ,16 February

Syrian opposition's chief negotiator arrives in Astana
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday