Net profit of Tata Motors from the quarter ended March 2018 declined fell by half in the quarter ended March from reduced sales of Jaguar Land Rover in Europe.

In a stock exchange regulatory filing the company reported a 49.2 percent decline in net profit to Rs 2,125 crore from Rs 4,030-crore in the year-ago period.

Its YoY (year-on-year) revenue rose by 18.2 percent to Rs 91,279.1 crore, while its YoY earnings before interest tax, depreciation and amortisation (EBITDA) rose by 3.7 percent to Rs 11,250.3 crore. Profit before tax (PBT) for the quarter under review fell by 55 percent to Rs 2,308 crore. Its operating margin was contracted to 12.3 percent from 14 percent last year.

YoY revenue of its subsidiary Jaguar Land Rover was up by 4 percent to 7.56 billion pounds. Its PBT dropped by 46 percent to 364 pounds million despite a gain in pension credit for the entity worth 437 billion pounds.

JLR numbers indicated negative cash flow from high investments and lower growth in sales. In a press release, the company said that JLR had delivered profitable growth despite challenging market, technology and geopolitical uncertainties which are likely to persist.

At market close, Tata Motors shares were 0.55 percent higher (Rs 1.70) at Rs 309.40 compared to the previous close.