Tata Motors profits fall 17 per cent on pound decline Tata Motors
Indian carmaker Tata Motors on Tuesday (23) reported a 17 per cent fall in quarterly profits, as the pound depreciated against the rupee following Britain’s vote to leave the European Union. The company’s consolidated net profit for the three months ending March fell to 43.36 billion rupees ($668.72 million) from 52.11 billion rupees a year earlier, the Mumbai-based company said in a statement. Revenue fell 2.6 per cent to 789.81 billion rupees. Jaguar Land Rover, one of Tata Motors’ key products, relies heavily on the UK market for its revenue and sales. Since the Brexit referendum, the pound has fallen sharply…
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