Tata Motors Q1 Net Profit Drops 23%

India's Tata Motors TTM reported a 23% drop in its Q1 net profit. Tata Motors posted a quarterly consolidated net profit of 17.26 billion rupees ($283 million), down from 22.45 billion rupees, in the year-ago period. However, analysts were expecting a profit of 23.73 billion rupees. Its sales climbed 8.3% to 467.51 billion rupees versus 431.71 billion rupees. Tata Motors shares closed at $23.31 yesterday.