Published On: Mon, Feb 5th, 2018

Tata Motors’ Q3 standalone net profit at Rs 183.65 crore

Mumbai: Automobile major Tata Motors on Monday reported a standalone net profit of Rs 183.65 crore for the quarter ended December 31, 2017.

The company reported that the net profit from “continuing operations” during the quarter under review increased to Rs 183.65 crore

According to a regulatory filing, the company reported that the net profit from “continuing operations” during the quarter under review increased to Rs 183.65 crore from a net loss of Rs 1,045.94 crore reported for the corresponding period in 2016-17.

Commenting on the quarterly results, Guenter Butschek, Tata Motors CEO & MD, said: “The turnaround strategy is delivering results for us as is evident in share gain in an intensely competitive market and improved profitability enabled by a slew of new product launches and customer centric initiatives.”

“The regulatory landscape on emission norms including BSVI, EVs and alternative fuel sources are significant challenges for the industry and Tata Motors is ready to play its part, while we continue on our journey to drive competitive, profitable growth.”

On a consolidated level, the company’s net profit during the quarter under review rose to Rs 1,214.60 crore from Rs 111.57 crore reported for the corresponding period in 2016-17.

On the other hand, Tata Motors on Monday said that the transaction for divestment of its stake in Tata Technologies to Warburg Pincus has been “mutually” called-off.

“As per the transaction announced on June 15, 2017, Warburg Pincus was to acquire approximately 43 per cent stake in Tata Technologies from Tata Motors and other Tata entities,” the company said in a regulatory filing.

“However, due to delays in securing regulatory approvals as well as due to the recent performance of the company not meeting internal thresholds because of market challenges, the parties to the transaction have mutually decided not to proceed with closure of the transaction.”

According to the company, it will continue to explore strategic options to “sell its stake in Tata Technologies and remains positive on the outlook of the business”.

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