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Tata Motors lags estimates with 10.5 pct rise in Q2 net

Source : REUTERS
Last Updated: Wed, Nov 07, 2012 13:15 hrs
Jaguar Land Rover Freelander 2 vehicles are displayed on the production line for the media at their newly-inaugurated production plant in Pune

Tata Motors Ltd , India's largest carmaker by revenue, posted a 10.5 percent gain in quarterly net profit, but lagged estimates as pricing pressure impacted its Indian business margins and slowing economic growth impacted demand for commercial vehicles.

Net profit rose to 20.75 billion rupees in July-September from 18.77 billion rupees a year ago, while revenue increased 20 percent to 434.03 billion rupees on increased demand at its key Jaguar Land Rover subsidiary.

Analysts expected profit of 24.41 billion rupees on revenue of 441.91 billion rupees, according to Thomson Reuters I/B/E/S.

Shares in Tata Motors ended 0.9 percent higher ahead of earnings announcement at 269.35 rupees, while the main Mumbai market index closed 0.5 percent higher.

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