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Tata Profit Rises 12%
Tata Motors Ltd. posted net earnings of 23 billion rupees ($406 million) in the quarter ended June 30 compared with 20 billion rupees a year earlier.
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Tata Motors Ltd. posted net earnings of 23 billion rupees ($406 million) in the quarter ended June 30 compared with 20 billion rupees a year earlier.
Revenue climbed 30% to 433 billion rupees ($7.8 billion), thanks to strong sales by the company's Jaguar Land Rover unit in China, India and Russia. But foreign-exchange losses offset most of those gains.
JLR revenue soared 35% year over year to 3.6 billion ($5.7 billion) in the April-June period. The unit's volume jumped 34% to 83,500 vehicles, including a 91% surge in China. JLR operating income zoomed 46% to 527 million ($827 million). Operating margin narrowed to 14.5% from 15.1% a year earlier.
The British unit 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.
Operating profit for the Tata brand dropped 24% to 8 billion rupees ($140 million), and operating margin shrank to 7.3 from 8.8%. Revenue fell 9% to 106 billion rupees ($1.9 billion). Worldwide demand for Tata brand passenger and commercial vehicles contracted 4% to 190,500 units as high fuel prices and steep interest rates dampened domestic sales.
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