BENGALURU, May 20 (Reuters) - Tata Motors Ltd reported a 47% drop in quarterly profit on Monday as the Indian automaker struggled to sell its luxury Jaguar Land Rover (JLR) cars in key markets like China, and was also hit by a broader economic slowdown at home.
India’s biggest automaker by revenue earned 11.17 billion rupees ($160.26 million) in net profit for the three months ended March 31, its fourth quarter, versus 21.25 billion rupees a year earlier when it took in a one-off charge of 16.41 billion rupees.
Revenue from wholly owned subsidiary Jaguar Land Rover Automotive PLC fell 5% to 651.46 billion rupees. The unit brings in most of Tata’s revenue. ($1 = 69.6975 Indian rupees)
Reporting by Nivedita Bhattacharjee and Chris Thomas; Editing by Christopher Cushing and Susan Fenton