The Tata Group company's post-tax profit for the corresponding July-September period last year had stood at Rs 1,877 crore (Rs 18.77 billion).During the reporting period, there was a 19.9 per cent rise in consolidated revenues (net of excise) at Rs 43,403 crore (Rs 434.03 billion), it said in a statement.
However, on a standalone basis which represents its domestic operations, the revenues dipped to Rs 12,481 crore (Rs 124.81 billion) as compared to the year-ago period's Rs 12,954 crore (Rs 129.54 billion), it said.
The company's operating margin also slipped to 5.9 per cent from the 7.2 per cent in the year ago period.
"Weak macro-economic outlook and sluggish industrial demand coupled with diesel price increase, have impacted M&HCV (medium and heavy commercial vehicles)
sales," the statement said.
A healthy jump in receipt of dividend from JLR and other subsidiaries (Rs 1,312 crore versus last year's Rs 29 crore) resulted in the standalone profit after tax jumping to Rs 867 crore (Rs 8.67 billion) from Rs 102 crore (Rs 1.02 billion).
Sales of commercial vehicles grew 4.8 per cent to 136,353 units during the quarter while passenger vehicle sales increased 11.6 per cent to 72,603 units, its statement said.
The marquee Jaguar Land Rover, bought by the company a few months before the start of the credit crisis in 2008 for $2.3 billion, witnessed a healthy jump in net profit at 305 million pounds from the year ago period's 172 million pounds.
"Continued strong revenue and operating performance were supported by favourable market mix, exchange rate environment and was partially offset by the model mix," the statement said, adding that the pre-tax profit of 431 million pounds included 67 million pounds in foreign exchange gains on revaluation and hedging.
