MUMBAI -- India's Tata Motors said net profit for the fiscal fourth quarter more than doubled, as strong demand for its Jaguar Land Rover vehicles offset lackluster performance at its core domestic business.
The company, part of the software-to-steel Tata Group conglomerate, said consolidated net profit for the quarter ended March was 62.5 billion rupees ($1.13 billion), as against 26.23 billion rupees from the same period a year previously.
Net profit at British brands JLR was 696 million pounds ($1.09 billion) for the same period, Tata said.
Consolidated net profit at Tata Motors was at 62.3 billion rupees, after accounting for minority interest and share of associates.
Consolidated revenue rose 44 percent to 506.09 billion rupees, compared with 351.48 billion rupees a year ago.
Tata, which bought the Jaguar Land Rover brands from Ford in 2008 for $2.5 billion, plans to invest $12 billion in them over five years to win a bigger share of a premium car market dominated by BMW, Audi and Mercedes-Benz.
Sources: Reuters and Automotive News Europe