India's Tata Motors Ltd on Thursday beat market expectation for quarterly profit, as sales for the maker of British luxury car brand Jag...
India's Tata Motors Ltd on Thursday beat market expectation for quarterly profit, as sales for the maker of British luxury car brand Jaguar and Land Rover rose in China and it kept a tight lid on costs. The carmaker reported a net profit of Rs.17.38 billion ($244.55 million) in the third quarter ended Dec. 31 compared with a loss of Rs. 269.93 billion a year earlier, when it booked an impairment charge related to British luxury car unit.
Analysts on average were expecting a profit of 10.19 billion rupees, according to IBES data from Refinitiv. JLR sales in China jumped 24.3% in the quarter.
Tata Motors had last year mapped a revival plan for its luxury car unit and JLR had decided to cut around 10% of its workforce. That came after its sales took a hit from a trend to move away from diesel cars towards cleaner fuels in China and Britain.
However, revenue from operations for Tata Motors fell 6.8% to 716.76 billion rupees in the quarter as its home market, India, faces an economic slowdown.
Tata Motors, like the rest of the auto industry in India, faces tighter credit and higher insurance costs, which have bruised demand and caused a pile-up of inventory.
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