Tata Motors is trading lower by 4% at Rs 232, declining almost 6% from intra-day high on reporting lower than expected 12% year-on-year (yoy) jump in consolidated net profit at Rs 2,245 crore for the quarter ended June 30, 2012, due to higher raw material cost and forex loss. Analysts on an average expected net profit of Rs 2,728 crore for the quarter.
“The profit was impacted by exceptional items of Rs 441 crore on account of exchange loss including on revaluations of foreign currency borrowings, deposits and loan arising from the depreciation of Indian rupee,” Tata Motors, the country's largest commercial vehicle maker said in a filing.
Consolidated net revenues however, grew 30% at Rs 43,324 crore, while profit before tax jumped 36% at Rs 3,183 crore in first quarter of current fiscal over the previous year. The operating profit margin improved marginally to 13.8% in the first quarter of financial year 2012-13 on yoy basis.
The stock opened at Rs 243 and hit a high of Rs 246 on the BSE. A combined 22.66 million shares have changed hands on the counter so far on both the exchanges.
