Tata motor clocks a net profit of Rs 466.75 crore for Q1

Mumbai, July 31 (UNI) Despite slowdown in sales brought in by recent hike in interest rate, country's leading utility and passenger vehicle maker, Tata Motors reported an increase in net profit by 22 per cent at Rs 466.75 crore for the first quarter of the current financial year compared to Rs 381.67 crore for the corresponding period previous year.

The company's standalone revenue registered an increase by 5 per cent at Rs 6056.82 crore for the first quarter compared to Rs 5749.56 crore for the corresponding quarter of the previous year.

The sales volume for the quarter (including exports) at 1,28,095 vehicles grew by 1 per cent over 1,26,394 vehicles in the corresponding period last year.

Vehicle sales in the domestic market were impacted, in varying degrees between the commercial and passenger vehicles segments, due to the high interest rate regime affecting retails.

Domestic sales of commercial vehicles decreased by 2 per cent to 61,633 units, while domestic sales of passenger vehicles at 52,573 units grew by 5 per cent.

During the quarter, Tata Motors launched several new vehicles. In passenger vehicles, the company has introduced the Indigo LS, an entry level common rail diesel (DICOR) offering in the sedan range, expanded the long wheel base Indigo XL's range with the Indigo XL Classic, and launched an upgraded range of Tata Spacio, its entry level utility vehicle.

The company also introduced a new range of commercial vehicles for passenger transportation, the Magic and the Winger, which are expected to create new segments.

The mini-truck, Ace, has been introduced in Nepal. The company also received an order from the Delhi Transport Corporation to supply 500 state-of-the-art low-floor CNG-propelled buses, which will begin to be delivered from the second half of the financial year.

UNI