Tata’s Revenue Drops as Commodity Woes Hurt Indian Conglomerate
- Group’s 2015-16 turnover declined 4.6% to $103 billion
- Tata invested over $28 billion in the past three years
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Tata Group, the coffee-to-cars conglomerate, said revenue slipped 4.6 percent for the year ended in March, hurt by global political uncertainty, a commodity price crash and volatility in currencies.
Revenue at India’s biggest business house dropped to about $103 billion from $108 billion the previous year, according to a statement. The company draws 69 percent of its revenues from overseas, Cyrus Mistry, chairman of holding company Tata Sons Ltd., said in the statement. The market value of its 29 listed companies fell 7.4 percent in the period, outperforming the 9.4 percent drop in the benchmark S&P BSE Sensex, it said.