Bombay Dyeing Ltd slipped 7.35 per cent in trade on Friday, after it reported a standalone net loss of Rs 53.37 crore for the first quarter ended June 30, 2015.
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Tata Motors Ltd. quarterly profits plunged as demand for Jaguar Land Rover vehicles slumped in China amid a market slowdown.
The revenues (net of excise) for the quarter stood at Rs 9,297 crore, as compared to Rs 7,705 crore for the corresponding quarter of the previous year. The company had been expected to post a profit of Rs.3,238 crore on sales of Rs.64,359.5 crore, based on the findings of Bloomberg analyst surveys.
Other income in Q1 increased 44 percent to Rs 307.23 crore and tax expenses reduced by 25.8 percent to Rs 1,570.3 crore year-on-year while finance cost jumped 18.2 percent to Rs 1,117.4 crore during the same period.
Commenting on the results, Jaguar Land Rover Chief Executive Officer, Dr Ralf Speth said: “We have delivered solid financial earnings in this quarter despite a challenging macro-economic environment, particularly in China”.
The company said Evoque sales were lower due to the ramp up of localised production in China and softer market conditions there.
Land Rover maintained healthy sales in the quarter with Range Rover, Range Rover Sport Discovery and Defender all up compared to the corresponding quarter past year.
On a standalone basis, Tata Motors net profit for the June quarter stood at Rs 257.57 crore, down 34.56 per cent from Rs 393.65 crore in the year-ago period.
The company’s commercial vehicles sales were boosted by heavy duty truck sales, while new model launches in the passenger vehicle segment, such as the Zest, Bolt and Nano GenX, pushed up passenger vehicle sales.
JLR’s revenue stood at Rs 49,178.5 crore during the first quarter as against Rs 54,425.97 crore in the year-ago period, down 9.64 percent. Ltd says that the operating profit margins for the company are hurt because of steep price discounts in China.
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On Friday, Tata Motors shares closed at Rs.392.55 per share, up 2.5%.
