Automobile and ancillary companies that are a part of the Nifty 200 index posted a mid-single digit revenue growth and a 28% fall in net profit for the December quarter, mainly due to Tata Motors Passenger Vehicles Ltd., which continued to reel from the cyber-attack on its UK-based subsidiary, Jaguar Land Rover. Excluding the Sierra-maker, the revenue of the remaining 14 companies grew 21% on year, in line with earnings estimates for the group and profit rose 19%, below estimates. These 14 companies' net profit, excluding one-time items, rose 28% on year, a touch below estimates.
The 15 automobile companies' revenue growth for the December quarter was half of the Nifty 200 index companies' top line growth. Their bottom line performance – a 28?ll in net profit - was also poorer than that of the Nifty 200 index companies, which reported a 4.9% on-year growth in profit. These automobile companies' revenue growth was also poorer than the Nifty 50 index companies' 9% on-year revenue growth and a 1.3?ll in profit.