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10 November 2017, 01:02 | Jan Cross
Tata Motors profit jumps 3-fold to Rs. 2483 cr
Indian carmaker Tata Motors Thursday reported a three-fold increase in quarterly profits, beating analyst estimates and boosted by higher sales from its Jaguar Land Rover business.
Tata Motors Ltd reported a almost three-fold rise in quarterly profit on Thursday, blowing past estimates, helped by higher sales from its Jaguar Land Rover business.
Consolidated net profit for the quarter ended in September stood at 24.83 billion rupees ($382 million), compared with 8.28 billion rupees a year earlier. Analysts had expected a net profit of Rs1,499 crore.
The numbers would have been higher had it not been for a Rs 2,393-crore forex hit on revenue side and Rs 112 crore on the post-tax side that the company took during the quarter.
The British marquee JLR reported a massive 38 per cent spike in pre-tax profit at 385 million pounds driven by an 11.5 per cent rise in revenue to 6.3 billion pounds.
Mayank Parekh rpt Parekh, head of the passenger vehicle business said the company has huge bookings for its recently launched compact SUV Nexon with a three-month waiting period. A 5.1% increase in sales in the USA, its second-largest market, helped offset the weakness in the United Kingdom and elsewhere in Europe, Tata Motors said. EBITDA margin was 11.8 per c4nt and EBIT margin was 5.2 per cent in the quarter.
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JLR plans to launch several new products next year including the Jaguar XF Sportbrake sport-utility vehicle (SUV), the E-Pace, a compact SUV, and the I-Pace, its first electric sports auto, Speth said after the company announced a three-fold rise in profit.
As part of the company's ongoing product offensive, manufacturing expansion and new technology programme, Jaguar Land Rover's investment spending was more than £1 billion in the second quarter.
JLR is plugging £4bn over the course of the year, building a new plant in Slovakia, and has plans to launch a smaller version of the Jaguar E-Pace SUV in markets such as China.
Speth concluded: "Our product portfolio continues to excite and surprise".
He further stated, that "Looking ahead to the rest of the year, we will continue to focus on our strategic objective of achieving profitable, sustainable growth and will continue to adapt and innovate in the current challenging market conditions".
For H1FY18, net revenues were KRW 484.0 billion (approx Rs2,759 crore), a decline of 4 per cent against the corresponding period previous year and net profit was KRW 30.8 billion (approx Rs176 crore), a 49 per cent jump from H1FY17.
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