Tata Motors profit jumps for March year-end
Mumbai, May 26, 2011
India's Tata Motors on Thursday reported a consolidated net profit of 92.74 billion rupees ($2.05 billion) for the year ended March, compared with 25.71 billion rupees a year ago.
It also reported higher sales in its home market and improved profitability at its UK-based Jaguar and Land Rover unit.
Consolidated revenue rose by a third to 1.22 trillion rupees. Analysts, on average, expected Tata Motors to post net profit of 90.62 billion rupees for fiscal 2011, according to Thomson Reuters I/B/E/S.
The company is part of India's salt-to-software Tata conglomerate which makes utility vehicles and cars, including the ultra-cheap Nano.
Shares in Tata Motors, which is valued at about $14.8 billion, ended up 2.5 per cent at 1,162.40 rupees ahead of the results, while the main index rose 1.1 per cent.
The shares have fallen more than 13 per cent so far this year, in line with the broader market. – Reuters