Tata Motors net up 22 pc, despite sales drop

NEW DELHI: Country's largest automobile manufacturer Tata Motors Ltd said on Tuesday its net profit in the April-June period rose 22 per cent from a year ago, despite a drop in sales of cars and trucks.

Tata's net profit grew to Rs 4.7 billion in the fiscal first quarter from Rs 3.8 billion in the same period last year, the company said in a statement.

Revenue from sales was estimated at Rs 60.1 billion, up 5.3 per cent from a year ago.

Profit grew faster than sales, because of a foreign exchange gain of about Rs 2 billion. The company gained from the weakening of the US dollar against currencies in markets that buy Tata products.

Tata sells cars, buses, trucks and utility vehicles in Africa, the Middle East, and in Asia and Australia.

Unit sales totaled 128,095 vehicles in the April-June quarter, up just 1 per cent from a year.

Read more at Economic Times