Tata Motors Passenger Vehicles Ltd.

Tata Motors’ profit for the quarter to ended September 31, 2011 fell 16% from a year ago, lagging market estimates hit by higher costs and foreign exchange losses.

The Group has posted a net profit of Rs 1877.33 crore for the quarter under review, lower by 15.55% to Rs 2222.99 crore in the same period a year ago. Total income has increased to Rs 36258.38 crore for the second quarter to Rs 28538.76 crore for the quarter ended September 30, 2010, up by 27.05%.

On standalone basis, the company has reported a fall of 76.42% in its net profit of Rs 102.02 crore as compared to Rs 432.70 crore for the second quarter previous year. Total income of the company increased by 14.87% to Rs 13010.58 crore for the quarter under review as compared to Rs 11326.40 crore for the same period last year.

The automaker incurred a foreign exchange loss of Rs 440 crore in the period compared with a gain of Rs 130 crore a year ago.

Major domestic rival Maruti Suzuki, India's top carmaker, last month reported a more than halving of its quarterly net profit over the same period.

Car sales slumped 24% in October, the biggest fall since December 2000, and the fourth consecutive monthly slide.