Tata Motors 4Q Consolidated Net Profit Jumps Over Twofold
First Published Tuesday, 29th May 2012 12:26 pm - © 2012 Dow Jones
NEW DELHI -(Dow Jones)- Tata Motors Ltd. (TTM) Tuesday reported a more than twofold jump in its fourth-quarter consolidated net profit, beating estimates, helped by a tax write-back at its U.K. unit Jaguar Land Rover.
Profit in the January-March period rose to INR62.34 billion from INR26.38 billion a year earlier, India's largest auto maker by revenue said. That beat the INR37.14 billion average of estimates in a Dow Jones Newswires poll of 11 analysts.
Sales climbed 44% to INR506.09 billion from INR351.48 billion.
Profit at Jaguar Land Rover more than doubled to GBP696 million. Sales surged 51% to GBP4.14 billion.
Tata Motors said it wrote back GBP217 billion of tax at Jaguar Land Rover during the past quarter.
Local sales of cars and sport-utility vehicles at Tata Motors increased 18% in the past quarter to 112,470 units, while those at Jaguar Land Rover grew 48% to 98,021 autos. Local sales of trucks and buses rose 16% to 155,672 vehicles.
-By Nikhil Gulati, Dow Jones Newswires; +91-11-4356-3306; firstname.lastname@example.org