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Tata Motors Net Down 23%

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Country's biggest truck and bus maker Tata Motors posted a 23 per cent fall in quarterly profit, the third straight decline, as higher sales of its luxury Jaguar Land Rover vehicles failed to offset sagging sales at home.

Tata Motors, part of the $100-billion Tata group, said consolidated net profit for the quarter ended in June was Rs 1,726 crore, compared with Rs 2,245 crore a year ago. Net sales rose 8.3 per cent to Rs 46,751 crore.

Analysts on average expected a net profit of Rs 2,234 crore, according to Thomson Reuters data.

The company reported total sales at Rs 46,785 for the quarter against Rs 43,324 crore reported in the year-ago period.

What comes as good news for the company, JLR margin was at 16.5 per cent against 16 per cent year-on-year.

Tata Motors plunged nearly 4 per cent ahead of its numbers and was the top loser among the BSE Sensex components.