Dragged down by debt burden, asset write down, huge foreign exchange losses and weak performance of its domestic operations, Tata Motors posted a 56 per cent drop in its consolidated net profit at Rs.1,717 crore for the quarter ended March 31, 2015, as compared to Rs.3,918 crore for the same period last year. During the quarter, the company reported revenues of Rs.67,576 crore against Rs.65,317 crore.
For the year ended March 31, 2015, the consolidated net profit was marginally down at Rs.13,986 crore against Rs.13,991 crore for the previous year. Revenues increased by 13 per cent to Rs. 2,62,796 crore from Rs.2,32,834 crore.
“The net profit was impacted partly due to the debt and partly because of mark-to-market on unrealised hedges,” said Vijay B Somaiya, Vice President and Head (Treasury and Investor Relations) Tata Motors.
On the domestic operations the company said commercial vehicles sales remained almost flat in the fourth quarter.
