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Tata Motors Quarterly Profits Triple as JLR Sales Soar
Tata Motors Ltd. reports its revenue climbed 19% to 799.3 billion rupees ($11.9 billion) in the quarter ended March 31, thanks to a rebound in the Indian market and strong global demand for luxury cars and SUVs from its Jaguar Land Rover unit.
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Tata Motors Ltd. reports its revenue climbed 19% to 799.3 billion rupees ($11.9 billion) in the quarter ended March 31, thanks to a rebound in the Indian market and strong global demand for luxury cars and SUVs from its Jaguar Land Rover unit.
Net profit for the period jumped to 51.7 billion rupees ($770 million) from 17.2 billion rupees in the same period a year ago. Profits for the JLR unit grew 56% to £472 million ($591 million).
Tata says its operating margin for the quarter shrank by 1.2 points to 16.2% because of a £166 million ($243 million) charge, most of its to cover a recall of about 100,000 vehicles in the U.S. to replace Takata Corp. airbag inflators that could misfire.
The company's JLR sales in China rebounded 19% after shrinking 10 in October-December 2015. Tata's sales in India, including exports, rose 4% to 144,500 units. Demand for the company’s commercial trucks gained 18%, offsetting a 32% drop in car sales.
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