Tata Motors net profit down by 30.13 pc

Mumbai, July 30 (UNI) India's top auto maker, Tata Motors' net profit fell by 30.13 per cent in the first quarter due to persisting volatility in the foreign exchange rates and rising input costs.

The profit after tax dropped at Rs 326.11 crore for the quarter ended June 30, 2008 against Rs 466.76 crore in the corresponding quarter, a year ago.

Profit for the quarter also includeS a notional valuation loss of Rs 199.88 crore, compared to a gain of Rs 205.89 crore in the corresponding period last fiscal, impacting the company's long term funds raised through issue of Foreign Currency Convertible instrument, Chief Financial Officer C Ramakrishnan told mediapersons here today.

He said margins would further remain under pressure due to rising input cost. Operating margin has declined at 7.7 percent in the June quarter compared to 9 percent, a year ago.

However, Tata Motors has reported a 14.4 per cent increase in revenues at Rs 6928.44 crore on an stand-alone basis during the same period against Rs 6056.82 crore.

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