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Tata Motors fiscal Q2 profit falls YOY

Tata Motors Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 9.41 billion rupees, a decline of 73.0% from 34.83 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 1.5% from 5.8% in the year-earlier period.

Total revenue rose on an annual basis to 613.18 billion rupees from 599.98 billion rupees, and total operating expenses increased 5.8% on an annual basis to 588.66 billion rupees from 556.44 billion rupees.

Reported net income totaled a loss of 4.30 billion rupees, compared with income of 32.91 billion rupees, or 10.22 rupees per share, in the prior-year period.

As of Nov. 6, US$1 was equivalent to 66.11 Indian rupees.