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Profits Triple for Tata Motors
Tata Motors Ltd. reports that its net profit zoomed to 48 billion rupees ($771 million) in the third fiscal quarter ended Dec. 31 from 16.3 billion rupees a year earlier.
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Tata Motors Ltd. reports that its net profit zoomed to 48 billion rupees ($771 million) in the third fiscal quarter ended Dec. 31 from 16.3 billion rupees a year earlier. Revenue soared 39% to 635 billion rupees ($10.2 billion).
The company's Jaguar Land Rover unit accounted for the improvement. JLR's pretax earnings doubled to nearly $1.4 billion as revenue climbed 40% to $8.7 billion.
Tata's Indian operations reversed a year-earlier loss with a net profit of 12.5 billion rupees ($201 million), primarily because of a pretax gain on sales of investments in subsidiaries in Indonesia, Thailand, South Africa and South Korea.
Sales of Tata-brand vehicles plunged 36% to 131,100 units in October-December. JLR's vehicles sales grew 27% to 112,200 units in the same period.
The Indian company, citing highly intense competition in its home market, predicts continued depressed market conditions for both its passenger cars and commercial vehicles.
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