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JLR Operating Income Soars 46%
Tata Motors Ltd.'s Jaguar Land Rover unit boosted revenue 35% year over year to 3.6 billion (€4.6 billion) in the April-June period.
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Tata Motors Ltd.'s Jaguar Land Rover unit boosted revenue 35% year over year to 3.6 billion (€4.6 billion) in the April-June period. Unit sales jumped 34% to 83,500 vehicles, including a 91% surge in China.
JLR's operating income zoomed 46% to 527 million (€673 million). Operating margin narrowed to 14.5% from 15.1% a year earlier.
The unit's success helped the Tata group post quarterly net earnings of 22.5 billion rupees (€330 million) compared with 20 billion rupees a year earlier. Group revenue climbed 30% to 433 billion rupees (€6.4 billion).
Global sales of Tata-branded vehicles slipped 4% to 190,500 units as high fuel prices and steep interest rates hurt domestic demand. The marque's operating profit fell 24% to 7.7 billion rupees (€144 million), and operating margin shrank to 7.3% from 8.8%.
JLR cautions that strong volume in emerging markets may not be enough to offset weakness in Europe in coming quarters. Global demand for the two luxury brands began to soften in June. China came close in the latest quarter to surpassing Europe as the biggest source of Jaguar and Land Rover sales.
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