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Tata Motors fiscal Q1 profit falls YOY

Tata Motors Ltd. said its normalized net income for the fiscal first quarter ended June 30 was 4.74 billion rupees, a fall of 69.1% from 15.36 billion rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.8% from 2.4% in the year-earlier period.

Total revenue declined 9.9% on an annual basis to 584.93 billion rupees from 649.40 billion rupees, and total operating expenses fell 6.2% on an annual basis to 580.53 billion rupees from 618.78 billion rupees.

Reported net income totaled 31.82 billion rupees, compared with 22.36 billion rupees in the year-earlier period.

As of Aug. 9, US$1 was equivalent to 63.86 Indian rupees.