Indian carmaker Tata Motors today reported a 47% fall in quarterly profits after being hit by new struggles to sell its luxury Jaguar Land Rover cars in China and other key markets.
Only increased sales in the UK and US helped offset falls in China, the company said.
Consolidated net profit for the three months ending March 31 was 11.17 billion rupees ($160m), down from 21.25 billion rupees a year earlier, according to a company statement to stock exchanges.
"In JLR, we continue to face challenges in China which we are addressing on priority," Tata Motors chairman N Chandrasekaran said.
"To weather the volatile external scenario, we are taking decisive steps to step up competitiveness, reduce breakeven and improve cash flows whilst continuing to invest in exciting products and leading-edge technologies," Chandrasekaran added.
Tata said revenues were also affected by a one-off charge of 16.40 billion rupees it took last year due to accounting charges.
Shares in Tata Motors, part of the sprawling tea-to-steel conglomerate, rose 7.5% on the Bombay Stock Exchange today.