A maiden Rs. 1,312-crore dividend payout from its UK-based subsidiary Jaguar Land Rover saved the day for India's largest automobile maker Tata Motors, as it posted a 10.5% year-on-year rise in consolidated net profit at Rs. 2,075 crore for the July-September quarter. Revenues rose 20% at Rs. 43,403 crore.
On a standalone basis, revenues fell 3.6% at Rs. 12,481 crore during the quarter. Net profit went rose by 750% at Rs. 867 crore, mainly on the back of the JLR dividend.
“Without the JLR dividend we would have incurred a loss in our standalone operations in the quarter,” said C Ramakrishnan, chief financial officer, Tata Motors. “We are hopeful that margins will improve from this quarter onwards."
JLR reported stellar set of numbers with revenues growing by 12.8% to £3288 million (Rs. 28,606 crore) and a 41% jump in net profit to £305 million (Rs, 2,654 crore) during the quarter. Its operating margins improved from 14.4% to 14.8%.