Tata Motors hits the brake

Tata Motors is deep in the red today morning. The stock, which has closed yesterday at Rs.589.55, opened lower at Rs.580, going down to Rs.554.25 and it is currently around the same levels, down over 6%.

Thanks to the poor show in India, Tata Motors had a dismal Q3FY15. Its consolidated operating income for the quarter fell 10% at Rs.10,054 crore and net profit fell 22.5% at Rs.3581 crore. The fall in the profits can be blamed directly on the losses it incurred in the standalone business, which is basically the Indian business. Its standalone loss for the quarter was at Rs.2123 crore v/s a profit last Q3 at Rs.1251 crore.

Its consolidated net sales during the quarter was at Rs.69,122 crore, up 9% (YoY). Revenue from its marquee British unit, Jaguar Land Rover (JLR) was up 9% at Rs.58,550 crore .