MUMBAI -- Land Rover's slowest growth in deliveries in three quarters dragged down quarterly profit at parent Tata Motors.
Foreign exchange losses after Britain's decision to leave the EU also hit the company's results.
Net income fell to 22.4 billion rupees ($334 million) in the three months through June from 52.3 billion rupees a year earlier, Tata said in a statement Friday. Profit at the Jaguar Land Rover luxury-vehicle unit declined to 304 million pounds ($401 million) from 492 million pounds.
Global deliveries of Jaguar Land Rover climbed 16 percent, slower than the previous two quarters, as demand dropped for its Range Rover models. Land Rover increased its U.S. spending on incentives and marketing promotions by about 53 percent in the first six months, according to researcher Autodata Corp.
JLR's sales in the UK, mainland Europe and North America expanded at a slower pace, while maintaining the rate of growth in China.
Land Rover deliveries in the quarter gained 4 percent from a year earlier. Jaguar's deliveries surged 76 percent on demand for its entry-level XE sedan and the marque's first SUV, the F-Pace, both of which started selling in the U.S. in May.
"The operating performance in the quarter reflects the overall higher wholesales, offset by adverse foreign exchange impact of 207 million pounds including revaluation of 84 million pounds, mainly euro payables resulting from depreciation in the pound following the Brexit vote," Tata said in the statement.
Profit was helped by a one-time gain of 4.78 billion rupees in an insurance payment for damage caused to Jaguar Land Rover cars in an explosion at Tianjin port in China last year.
Reuters contributed to this report