Tata Motors Q2 profit jumps three-fold to Rs2,483 crore, beats estimates

During the September quarter Tata Motors share price fell 7.23% to Rs401.25 on the Bombay Stock Exchange

During the September quarter Tata Motors share price fell 7.23% to Rs401.25 on the Bombay Stock Exchange

A strong showing at Tata Motors Ltd.'s Jaguar Land Rover (JLR) unit and a significant improvement in the domestic business helped India's largest automaker post an nearly threefold increase in second-quarter profit.

Tata Motors' consolidated net profit for the quarter ended September 30 rose to 24.83 billion rupees ($382 million) compared with 8.28 billion rupees a year ago, helped by strong demand for Range Rover Velar and other new models. Analysts were expecting a net profit of 14.99 billion rupees.

Retail sales were led by the Velar and other new models boosting revenue by 11.5 per cent to 6.3 billion pounds and a pre-tax profit of 385 million pounds, up 38 per cent.

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.

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Since then the pound has fallen sharply against the Indian currency, down from over 100 rupees to 85.26 rupees.

Lower sales in the United Kingdom and Europe were offset thanks to a considerable rise in China sales - up 27.4 per cent, and a five per cent increase in the US.

The commercial vehicles business market share grew by 1.7 per cent year-on-year and 3.9 per cent sequentially on the back of newly launched products, increased acceptance of SCR technology, improved stakeholders' engagement and aggressive market activation, well complemented at back end by steep ramp-up of production.

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. EBITDA margin was 11.8 per c4nt and EBIT margin was 5.2 per cent in the quarter.

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

"We have delivered solid growth in quarterly profit and revenue amid rising demand for our products", JLR CEO Ralf Speth said. Investment spending for the full year is expected to exceed £4 billion. Profit before tax for the United Kingdom subsidiary was up 38% to £383 million.

Domestic revenue (net of excise) rose 30% to ₹13,400 crore.

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