India's Tata Motors posts surprise drop in profit as sales slow

Most of company's revenue comes from British unit Jaguar Land Rover

20241108 Tata Motors Altroz Racer

Tata Motors shows off a hatchback at an auto expo in New Delhi early in 2024. The company is India's third-largest carmaker by volume. © Reuters

(Reuters) -- India's Tata Motors reported a surprise drop in second-quarter profit and its first revenue decline in 10 quarters on Friday, hurt by weakness in both its luxury vehicles unit Jaguar Land Rover (JLR) and domestic businesses.

The company posted a profit of 33.43 billion rupees ($396.4 million) for the quarter ended Sept. 30, down 11% on-year.

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