(MENAFN) India's largest car maker Tata Motors reported a near 50 percent dive in quarterly profits due to a slump in sales of its luxury British unit in China.
Net profit for the three months to June fell to USD432.66 million from USD845.97 million a year ago, a drop of 48.70 percent, the Mumbai-based company said.
That was well below the expectations of analysts surveyed by Bloomberg who had predicted that the firm, part of Tata's sprawling tea-to-steel conglomerate, would report profits of USD492.1 million.
The latest fall was "primarily driven by weak China sales (of Jaguar Land Rover JLR)," Tata Motors president and chief financial officer said in a statement.
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