Deepak Shenoy

Tata Motors' March Sales Growth is Disappointing

There's one other reason for this: Depreciation. Indian law allows assets bought between April and September the FULL depreciation for the year (financial year April - March) and those bought from October to March only half of it. Even individuals who are professionals or file taxes for business income can claim depreciation.

March sales are always going to be lower for tata because its largest sales are commercial vehicles, and among passenger sales too, cabs are significant (they even have a special vehicle branded for taxis - called the Indicab). Depreciation effect is perhaps the worst in March and October, reflecting accordingly in Tata Motors sales. Also Ashok Leyland, another commercial auto manufacturer, has 3% lower sales (YoY)in march.

And your quote of 33% decline in exports is a misprint.
<blockquote>
Exports in the month, however, declined 33 per cent at 6,299 units as against 6,508 units in the same month of previous year, it said.
</blockquote>

That, according to my rudimentary math, is a 3.2% decline. Nothing that requires a bold font, really.