Tata Motors on Tuesday reported 96.22% year-on-year (YoY) decline in its consolidated net profit for third quarter ended December 31, 2016, period.

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The company reported net profit of Rs 111.57 crore compared to net profit of Rs 2952.67 crore in the corresponding period of the previous year.

Also, the net profit was down by 86.88% from Rs 848.16 crore of Q2FY17.

Consolidated total income from operations stood at Rs 68,541 crore, down by 4.36% from Rs 70,567 crore in the similar period of last year. However, income was up by 2.30% from Rs 66,999.69 crore of preceding quarter.

Jaguary Land Rover business including its China unit recorded total retail sales of 149,288 units which was up by 8.5%. Tata Motors said, “This was led by strong demand for products, primarily reflecting higher volumes in China (incl. CJLR), North America and Europe led by strong sales of Discovery Sport, F-PACE and the new long wheel base XFL in China. “

Jaguar Land Rover wholesales and retails excluding the China JV for the quarter were 130,910 units and 129,893 units, respectively. China JV wholesales and retails for the quarter were 21,335 units and 19,395 units, respectively.

On standalone front, Tata Motors' net loss widened to Rs 1,045.94 crore, compared to net loss of Rs 107.89 crore in Q3FY16 and Rs 606.84 crore in Q2FY17. While total income was at Rs 11,221.63 crore, sequentially up by 1.50% yoy. 

Meanwhile, operating profit (EBITDA) of the Standalone business (including Joint Operations) for the quarter stood at Rs 153 crores with operating margin at 1.5%. 

During the quarter, Commercial vehicle segments of Tata Motors witnessed demand shrinkage due to the demonetization – M&HCV segment witnessed major pressure with a fall of 9 % Y-o-Y and LCV segment was overall flat. Passenger vehicles segment grew by 25.4% Y-o-Y with Car segment growth of 31.1% Y-o-Y on the back of continued strong response to the Tiago. Exports grew by 34.6% Y-o-Y.

This Q3, sales (including exports) of commercial and passenger vehicles stood at 132,572 units, a growth of 7.5%, as compared to the corresponding quarter last year.