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Tata Motors slumps on Q3 earnings miss, JLR outlook
Highlights
Shares of Tata Motors Ltd fell as much as 5.4 percent on Friday, heading towards their biggest daily fall in more than a year after third-quarter profit missed analyst estimates.
Shares of Tata Motors Ltd fell as much as 5.4 percent on Friday, heading towards their biggest daily fall in more than a year after third-quarter profit missed analyst estimates.
Consolidated net profit fell 25.5 percent to 35.81 billion rupees ($580.20 million), due to losses in its domestic business, unfavourable foreign exchange rates and a dip in sales at its Jaguar Land Rover unit.
Management guidance for lower margins and capital expenditure at JLR unit in a conference call with analysts also weighs.
The company has cut JLR capex guidance, implying potential negative free cash flow in FY16, Motilal Oswal said in a note to its clients.
($1 = 61.7200 rupees)
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