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Tata Motors Swings to a Profit
Tata Motors Ltd. reports net income of 8.3 billion rupees ($122 million) in the fiscal second quarter ended Sept. 30, reversing a 17.6 billion-rupee loss in the same period last year.
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Tata Motors Ltd. reports net income of 8.3 billion rupees ($122 million) in the fiscal second quarter ended Sept. 30, reversing a 17.6 billion-rupee loss in the same period last year.
Revenue for the Indian carmaker advanced 7% to 670 billion rupees ($9.9 billion) from 626 billion rupees, thanks to strong results from the company’s Jaguar Land Rover luxury vehicle unit in the U.K.
JLR’s revenue for the quarter jumped 23% to £6 billion ($7.4 billion) as unit sales climbed 29% to 142,500 vehicles worldwide. The subsidiary’s profit of 244 million pounds sterling ($304 million) compares with a £92 million loss a year earlier. JLR contributes 85% of Tata Motors’ operating income.
Tata Motors posted the upbeat results as chairman Cyrus Mistry remains embroiled in a power struggle with the board of parent Tata Sons. Mistry was ousted from the holding company last month. Ratan Tata, who had relinquished the chairmanship to Mistry less than four years ago, returned as interim chair.
The Tata Sons board says Mistry created friction by ignoring the company’s culture. Mistry counters that his efforts to reform the organization and streamline operations have been undermined by Rata Tata.
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