JLR drives up Tata Motors net by 71%
Tata Motors, country’s biggest automaker by revenue, beat analyst estimates by posting a 71 per cent jump in consolidated profit after tax (PAT) at Rs 3,542 crore in the three months ended September 30, 2013, compared to Rs 2,074 crore in the corresponding period of the last year.
Consolidated revenues (net of excise) stood at Rs 56,882 crore for the second quarter of this fiscal, an increase of 31 per cent over the same period a year ago.
Analysts said that sales at JLR were largely driving performance at Tata Motors which has been facing trouble in the domestic market on account of the economic slowdown, frequent diesel price hikes and a tight financing environment.
While sales of commercial and passenger vehicles fell in the Indian operations, JLR’s wholesale and retail volumes grew by 31 and 21 per cent respectively in the second quarter compared to the corresponding period in the last year.
There was a strong response to the new Range Rover and continued strong growth in Evoque and other models, a statement by the company said.
In India, sales of commercial and passenger vehicles for the quarter ended September 30, 2013, saw a decline of 32.5 per cent compared to the year ago period.
Further, competitive pressures on pricing in certain segments impacted the operating margins, the company said.