JLR owner missed the profit estimate of Indian consumers’ deceleration

(Bloomberg) -Ne Jagar’s Indian parents reported that quarterly profits lack estimates, because their housing market consumption is greater, and its housing market has damaged the sales of cars and commercial vehicles.

According to a communication document on Wednesday, the net income of TATA Motors LTD., headquartered in Mumbai, has fallen 22 % to 54.51 billion rupees (US $ 630 million) in the three months as of December 31. Compared with the same period last year, Essence This is far from the average analyst at 64.35 billion rupees.

The income was increased by 2.7 % to 1.14 trillion rupees, and the estimation of analysts lacked a small amount. The income of the Tata Commercial Vehicle fell by 8.5 %, while the income of passenger cars was 3.9 %. Total costs rose 3.8 % to 108 trillion rupees.

The poor performance of TATA Motors emphasizes the continuous pain of slowing down of consumers in the world’s most populous countries in the world, and the country’s wage growth and inflation rate have increased. The car manufacturer is also facing China’s economic challenges. In China, weak demand and consumers’ preference for electric vehicles are curbing the sales of traditional high -end vehicles.

The company stated in the document that it still keeps vigilant about the overall demand, especially in China. JLR’s net before tax fell 17 % to £ 523 million (US $ 649 million).

The country’s largest automobile manufacturer Maruti Suzuki INDIA LTD. also reported profit errors earlier on Wednesday because RUPEE’s sharp depreciation of raw materials was squeezed out of high investment costs. The leader of the industry launched its first electric vehicle earlier this month because competition has been intensified by part of Tata Motors so far.

-From with Ravil Shirodkar.

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