News Worms
News Worms

Tata Motors Q2 profit vrooms 195% on JLR sales

Tata Motors Q2 profit vrooms 195% on JLR sales

The surge in profit was aided by strong sales of new sport utility vehicles Range Rover Velar, Land Rover Discovery, and Jaguar F-Pace.

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.

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.

Group revenue inched up 10 per cent to Rs 70,156 crore, while net income vroomed past 195 per cent from Rs 848 crore a year ago, the company said here this evening. Analysts on average expected a net profit of Rs 1499 crore, according to Thomson Reuters data.

With Q1 performance below expectations, Tata Motors witnessed a month-on-month growth in sales and market share in Q2 outperforming the industry and reaching highest sales in September 2017 in PV since November 2012 and in CV since June 2014.

"This is the first quarter since the turnaround plan has been fully implemented, and Im confident, going forward the results will only get better", Guenter Butschek, MD & CEO, Tata Motors told reporters.

On Thursday, Tata Motors said its sales of commercial and passenger vehicles grew about 14% in the second quarter, while the operating margin expanded to 7.2% from 3.3% a year ago.

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. Its retail sales grew 5.1 percent to 149,690 units, with increases in China (27.4%) and the USA (5.1%) offsetting lower sales in the United Kingdom and Europe.

This helped the company book an operating margin of 11.8 per cent and Ebit margin of 5.2 per cent in the quarter. "Although we are facing headwinds and uncertainty in some markets, JLR is well positioned to deliver further global expansion", he added.

"We have delivered solid growth in quarterly profit and revenue amid rising demand for our products", JLR CEO Ralf Speth said.

Speth concluded: "Our product portfolio continues to excite and surprise".


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