JLR drives Tata Motors into net profit in Q1
Higher sales and improved profitability of Jaguar and Land Rover helped Tata Motors register second best-ever revenues and profits of Rs 26,876 crore and Rs 1,989 crore, respectively, during April-June 2010. Strong profitsUpdated: Aug 11, 2010 01:56 IST
Higher sales and improved profitability of Jaguar and Land Rover (JLR) helped Tata Motors register strong revenues and profits of Rs 26,876 crore and Rs 1,989 crore, respectively, during April-June 2010. This is the company’s second best-ever results after January-March 2010.
The passenger cars and the commercial vehicle maker’s consolidated net profit jumped significantly from a loss of Rs 329 crore in June 2009.
The stock market responded strongly to the results as company’s share price jumped 4.2 per cent to close at an all-time high of Rs 957 per cent on Tuesday, making it the biggest gainer among Sensex companies.
The company saw a 64 per cent rise in net sales at Rs 26,876 crore in the first quarter against Rs 16,367 crore a year ago.
“The JLR business saw a significant volume growth of 65 per cent. The currency movement, too, made a favorable impact,” said C. Ramakrishnan, chief financial officer, Tata Motors.
Tata Motors plans to assemble Land Rovers in India from next year. It is also in talks for assembly line operations in China.
First Published: Aug 10, 2010 17:30 IST