JLR help TATA swing back to profit
India’s leading vehicle company, Tata Motors, reported Friday it had swung to a consolidated quarterly net profit, helped by a better performance by its premium car marques Jaguar and Land Rover.
Tata Motors’ net profit, including British motoring icons Jaguar and Land Rover, totalled 217.8 million rupees (4.65 million dollars) for the quarter ending September, compared to a net loss of 9.41 billion rupees a year earlier.
Revenues fell 8.2 percent to 211 billion rupees for the second quarter of the financial year to March 2010, a company statement said.
Tata Motors, India’s largest vehicle maker by revenues, bought Jaguar and Land Rover from US Ford Motor last year for 2.3 billion dollars. But sales of the luxury cars were badly hit by the global financial crisis.
“Highlight of the quarter was that the Jaguar Land Rover business posted strong operating profit,” the company said.
“A strong revival of the Indian operations” also boosted the company’s performance.
Net profit for the Indian operations in the three months to September more than doubled to 7.29 billion rupees (156 million dollars) from 3.47 billion rupees a year earlier.
Tata Motors shares closed down 5.35 rupees or 0.84 percent at 629.5 at the Mumbai stock exchange before its earnings were released.
Tata Motors, part of the tea-to-steel Tata Group, launched the world’s cheapest small car, the Nano, earlier this year.
Source: AFP
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