Tata Motors has reported a dramatic 30 per cent drop in profits as a result of poor exchange rates and rising input prices.
For the three months to June, the company made 3.3 billion rupees (£38 million, $77 million), compared to the 4.7 billion rupees it made during the same period in 2007.
“Undoubtedly for the motor industry this will perhaps be the most challenging year,” said director Ravi Kant. “In spite of quite a gloomy situation, we are feeling quite confident of our position because of the steps we have been taking, such as price increases and cost reductions.”
