Mumbai, Jan 30 (SocialNews.XYZ) Automobile major Tata Motors on Thursday reported a consolidated net profit of Rs 1,755.88 crore for the quarter ended December 31, 2019.
According to the company, its net profit during the quarter under review rose to Rs 1,755.88 crore from a net loss of Rs 26,960.80 crore earned during the corresponding period of the previous fiscal.
However, the group's total consolidated income for the period under review stood at Rs 72,576.20 crore, lower from Rs 77,582.71 crore reported in the year-ago period, Tata Motors said in a regulatory filing on Friday.
The company's quarterly revenues fell to Rs 71,051.42 units from Rs 76,264.69 units in the corresponding period of the previous fiscal.
On a standalone basis, the company's net profit during the quarter under review increased to Rs 1,039.51 crore from Rs 617.62 crore earned during the corresponding period of the previous fiscal.
Tata Motors CEO and MD Guenter Butschek said: "The downturn in the automotive industry continued in Q3 as the economy slowed down.
"Despite gaining sequential market shares in M&HCV, ILCV and SCV this quarter, our financial performance was impacted due to the downturn coupled with the inventory corrections we took to get ready for BS VI."
Source: IANS
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