Tata Motors Q2 profit jumps three-fold, beats estimates

Tata Motors Q2 profit jumps three-fold, beats estimates

Tata Motors Q2 profit jumps three-fold, beats estimates

Homegrown auto major Tata Motors on Thursday reported a threefold jump in consolidated profit at Rs 2,502 crore in the quarter to September from Rs 848 crore in same quarter last fiscal, its biggest profit jump in six quarters after luxury vehicle brand Jaguar Land Rover began selling new models.

Net profit for the quarter ended September 30 came in at 24.83 billion rupees$382.10 million, versus 8.28 billion rupees a year ago (graphic). Analysts on average expected a net profit of Rs 1499 crore, according to Thomson Reuters data.

Tata Motors' year-earlier quarter was hit by foreign exchange losses worth 11.20 billion rupees mainly due to a weaker pound after Britain's vote to exit the European Union.

In the next quarter, JLR's new Jaguar E-Pace, plug-in hybrid Range Rover and Range Rover Sport will all be rolled out.

Higher sales and profits reflect the continuing ramp-up of new models such as the Range Rover Velar, Land Rover Discovery, Jaguar XF Sportbrake, Jaguar F-PACE and, in China, the Jaguar XFL. Retail sales increased 5% to 149,690 units.

Operating margin at the JLR unit rose to 11.8%, higher than the 10.6% estimated by analysts. "Think about Brexit, think about the U.S. at the current moment", Speth said.

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Mumbai-based Tata Motors had acquired the luxury automaker from Ford Motor in 2008 for $2.5 billion.

JLR helped owner Tata Motors race to a near three-fold rise in profit for the quarter to 30 September.

In September Tata Motors won a bid to manufacture thousands of electric cars for the Indian government, as part of a push to promote battery-powered vehicles as the nation grapples with soaring pollution levels. It also plans to invest $625 million annually to boost sales of its passenger and commercial vehicles.

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.

"After a challenging first quarter, Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives", MD & CEO Guenter Butschek said at a media briefing on Thursday.

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