(MENAFN) India's largest carmaker Tata Motors reported a 56 percent slump in quarterly net profit due to weak earnings from its luxury British unit and sluggish domestic sales, The Peninsula Qatar reported.
Consolidated net profit for the first quarter, which ended March 31, slumped to USD268.28 million from USD612.83 million during the same period a year earlier, the Mumbai-based company said.
It came in below the expectations of 24 analysts surveyed by Bloomberg who had predicted a USD635.05 million profit for the auto giant, part of India's massive tea-to-steel conglomerate the Tata Group.
Meanwhile, Tata Motors' combined net profit for the financial year also declined, falling to USD2.19 billion, increasing from the USD2.18 billion registered in the 2013-14 financial year.
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