Tata Net Income Rises 71%

Tata Motors Ltd. reports that its net income in July-September surged to 35.4 million rupees ($557 million) from 20.7 billion rupees a year earlier. Consolidated net revenue climbed 31% to 569 billion rupees ($9 billion).

Results were driven by the company's Jaguar Land Rover luxury units. JRL quarterly revenue rose 40% to 4.6 billion ($7.4 billion), and operating profit for the U.K.-based unit zoomed 69% to 823 million ($1.3 billion).

JLR retail sales for the period grew 21%. Jaguar's volume jumped 57% to 20,000 cars, and Land Rover's sales advanced 15% to 82,600 units.

Bloomberg News notes that JLR, which Tata acquired from Ford Motor Co. five years ago, contributed 88% of the Mumbai-based company's operating profit in the fiscal year ended last March 31.