Mumbai, Aug 9: India's largest commercial vehicle manufacturer Tata Motors' consolidated net profit for April-June quarter 12% on-year to Rs 22.45 billion.

Auto major's profit slid as its foreign exchange loss due to depreciation of rupee against major currencies rose to  Rs 4.41 billion against Rs 570 million in corresponding quarter of last year.

Tata's consolidated net sales for the quarter grew 28.6% on-year to Rs 431.71 billion from Rs 335.72 billion in same quarter a year-ago due to strong growth in volumes of new products and favorable product mix at JLR.

The company's interest cost moved higher marginally to Rs 8.04 billion from Rs 7.72 billion in previous quarter, while other income was up by 50% to Rs 2.39 billion quarter-on-quarter.

Jaguar & Land Rover (JLR), Tata Motors's UK subsidiary, net profit rose by 33.33% on-year to GBP3.6 billion. Earnings before interest, tax, depreciation and amortisation (EBITDA) margin fell by 60 basis points on-year to 14.5%.

JLR has declared maiden dividend worth GBP 150 million.

Tata Motors' standalone revenues for the quarter fell 8.9% on-year to Rs 105.86 billion as compared to Rs 116.24 billion in a year ago period.

Tata Motors' operating margin was lower by 150 basis points on-year  to 7.3% as competition affected the prices of commercial and passenger vehicle segments.

Profit after tax fell by 49% on-year to Rs 2.05 billion in Q1 mainly because of forex loss.

Total sales of commercial and passenger vehicles in Q1 declined 3.6% on-year to 190,483 units. Domestic sales volumes of commercial vehicles increased marginally by 1.3% on-year to 1,14,710 units.

Jaguar and Land Rover sales grew 34.4% to 83,452 units led by sales of new Range Rover Evoque and strong demand from China that grew by 91% on-year.

Tata Motors' shares closed at Rs 239.35 , down 0.87% on BSE, as profit was not in expected lines and domestic conditions are not conducive for growth going forward.