Published: Fri, November 10, 2017
Science | By Cecil Little

Tata Motors Q2 Profit Surges Three Times

Tata Motors Q2 Profit Surges Three Times

A strong showing at Tata Motors Ltd.'s Jaguar Land Rover (JLR) unit and a significant improvement in the domestic business helped India's largest automaker post an nearly threefold increase in second-quarter profit. Net profit for the quarter ended September 30 came in at Rs 2,502 crore against Rs 848 crore a year ago.

Analysts on average expected a net profit of Rs 1,499 crore, according to Thomson Reuters data.

Separately, cost reduction measures and higher sales volume of heavy and medium commercial vehicles and passenger cars helped the domestic business narrow its net loss to ₹295 crore, from ₹631 crore a year earlier.

Since then the pound has fallen sharply against the Indian currency, down from over 100 rupees to 85.26 rupees.

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Lower sales in the United Kingdom and Europe were offset thanks to a considerable rise in China sales - up 27.4 per cent, and a five per cent increase in the US.

The passenger vehicles rose 14.4% against the corresponding quarter a year ago.

In passenger vehicles business, new products like Tiago, Tigor and Hexa continue to drive sales momentum.

Tata Motors is a market leader in commercial vehicles in India.

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Shares in Tata Motors, part of the sprawling tea-to-steel conglomerate, rose over half a percent on the Bombay Stock Exchange on Thursday.

Jaguar Land Rover (JLR), which has been driving Tata Motors' profits for several years, expects sales in the UK and United States to soften because of competition but is confident of growth in China, JLR CEO Ralf Speth told reporters in Mumbai. EBITDA margin was 11.8 per c4nt and EBIT margin was 5.2 per cent in the quarter.

"Although we are facing headwinds and uncertainty in some markets, Jaguar Land Rover is well positioned to deliver further global expansion".

Speth concluded: "Our product portfolio continues to excite and surprise". Revenues stood at £11.9 billion while pre- tax profit was £980 million (including one time of £437 million relating to changes made to pension plans in Q1 FY 18). The revenues (net of excise) for Q2FY18 stood at Rs 13,400 crore, as compared to Rs 10,311 crore for the corresponding quarter previous year, a growth of 30%.

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