A day after the automaker disclosed second-quarter core results that at least two analysts claimed missed projections due to rising spending, Tata Motors stock dropped close to 5% on Thursday.
EBITDA, or earnings before interest, taxes, depreciation, and amortization, increased 95% sequentially and 53% from the prior year’s quarter for the company, although it fell 14% short of Jefferies’ forecast.
Tata Motors’ EBITDA estimate was also missed, according to Emkay Research.
However, the company’s combined net loss decreased from 44.42 billion Indian rupees ($115.83 million) a year ago to 9.45 billion rupees ($115.83 million) in the quarter.
