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Tata Motors : India`s largest automobile company, reported a steep drop in its standalone net profit for the second quarter ended September 2008, however profit figures remained above analysts expectations. During the quarter, the profit of the company declined 34.14% to Rs 3,469.90 million from Rs 5,268.40 million in the same quarter, last year. The analysts at Bloomberg had estimated the profit to be at Rs 2,453 million for quarter ended September 2008.Net sales for the quarter rose 6.09% to Rs 70,788.50 million against analysts forecast of Rs 74,626.50 million, while total income for the quarter rose 11.34% to Rs 75,081.30 million, when compared with the prior year period.
The company posted earnings of Rs 9 a share during the quarter, registering 34.16% decline over previous year period. The analysts had expected the earnings to be at Rs 4.51 a share for the September 2008 quarter.
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