MUMBAI -- Jaguar Land Rover, which helped propel Indian parent Tata Motors to its biggest profit jump in six quarters, will roll out more products next year to boost sales and profit as demand slows in key markets.
Boosted by higher sales at its Jaguar Land Rover business, Tata Motors reported a nearly three-fold rise in net profit the quarter ended Sept. 30, as strong demand for the Range Rover Velar and other new models underpinned the bottom line.
Net income was 24.8 billion rupees ($382 million), compared with 8.3 billion rupees a year earlier, Tata said in a statement Thursday.
"We will continue to focus on our strategic objective of achieving profitable, sustainable growth," Ralf Speth, Jaguar Land Rover's chief executive officer, said in the statement. The company has spent 1 billion pounds ($1.3 billion) on adding capacity in the quarter, he said.
The company will roll out the Jaguar E-Pace and new plug-in hybrid Range Rover and Range Rover Sport variants in the next quarter, he said. The brand expects the new compact E-Pace to become its best selling model, overtaking the larger F-Pace. It will also launch the I-Pace battery electric vehicle in 2018.
Jaguar Land Rover also is building a plant in Slovakia for the next Land Rover Discovery SUV.
Jaguar Land Rover's retail sales rose 5 percent in the quarter, as a 27 percent increase in sales in China helped to offset lower UK sales. Jaguar's UK sales fell 39 percent in October, according to data from industry association SMMT, while Land Rover's volume was down 7 percent.
JLR, has said it is already feeling the first effects of Brexit, with EU citizens demanding improved contracts and international suppliers less willing to commit to the country.
JLR has been propping up Tata Motors' profits for several years amid the parent's sluggish domestic business. It saw its margin on earnings before interest, tax, depreciation and amortization coming in at 11.8 percent during the quarter.
Reuters contributed to this report