Tata back in profit on strong Jaguar Land Rover sales
Posted: Tue Aug 10, 2010 2:07 pmTata Motors has reported a return to profit thanks to strong domestic demand for its cars and increased sales of its Jaguar and Land Rover brands.
Net profit for the three months to the end of June came in at 19.9bn rupees ($429m; £273m), compared with a loss of 3.3bn rupees a year earlier.
Revenue grew by 64% to 271bn rupees as car sales in India grew by more than a half, to 77,858 cars.
Last month, Tata Motors announced plans to raise 47bn rupees to help cut debt.
"Overall economic growth, robust production and availability of liquidity led to robust domestic demand during the quarter, resulting in volume growth comprising both new products and the existing portfolio," Tata, India's largest carmaker, said.
Sales of both Jaguar and Land Rover combined rose by almost 60%, to 57,153 units compared with 35,947 a year earlier.
To be honest I stopped caring about the fortunes of Jaguar once production left Coventry