Tata reports strong third-quarter profit on JLR sales
MUMBAI – Tata Motors reported strong third-quarter profit as sales at British luxury unit Jaguar Land Rover surged. Net income increased 41 percent to a record 34.1 billion rupees ($692 million) from 24.2 billion rupees a year earlier, Tata said in a statement Tuesday.
Overall sales rose 45 percent to 452 billion rupees, with strong Jaguar and Land Rover sales boosting profitability as demand in emerging markets helped compensate for uncertainty in developed economies.
Global deliveries at the luxury unit rose 45 percent in December, the biggest monthly gain since June 2010, Tata Motors said. JLR sales gained 22 percent to 216,412 vehicles in the nine months through December.
Demand will be especially high for the the Range Rover Evoque compact SUV and diesel-powered Jaguar XF models and will help further boost volume growth at the luxury unit in the coming quarters, said Hitesh Kuvelkar, an analyst at First Global Research in Mumbai.
"Going forward, we expect Jaguar and Land Rover to record decent volume growth," he wrote in a Feb. 8 report.
Source: BloombergContact Automotive News