Tata Motors Reports Three-Fold Rise in Q2 to Rs 2483 Crore
10 November, 2017, 02:01 | Author: Becky Perry
Tata Motors has reported a 195 per cent rise in consolidated net profit at Rs 2,502 crore for the September quarter of 2017-18, against Rs 848 crore in the year-ago period, aided by a one-time excise gain of around Rs 535 crore, cost-reduction at the planning and strategic levels and better margins and volumes at its United Kingdom unit Jaguar Land Rover (JLR). The second-quarter retail sales at JLR grew 5% to 1.49 lakh units, with its top market China clocking an increase of 27%. A 5.1% increase in sales in the US, its second-largest market, helped offset the weakness in the United Kingdom and elsewhere in Europe, Tata Motors said.
In the next quarter, JLR's new Jaguar E-Pace, plug-in hybrid Range Rover and Range Rover Sport will all be rolled out.
Second-quarter losses at Tata Motors' domestic business narrowed to Rs2.95bn from Rs6.31bn a year ago, helped by a 30% jump in revenues. "The auto industry is faced with several challenges, and I hope they have got a robust product pipeline both in the commercial vehicles and passenger vehicles segment to stimulate demand".
Income from operations for the quarter rose about 9 per cent to 701.56 billion rupees. Sales of passenger vehicles grew by 14.4%. "With our turnaround plan in full action, we are seeing encouraging results and we will continue to drive sustainable profitable growth to meet our future aspirations".
"Although we are facing headwinds and uncertainty in some markets, Jaguar Land Rover is well positioned to deliver further global expansion".
As part of the company's ongoing product offensive, manufacturing expansion and new technology programme, Jaguar Land Rover's investment spending was more than £1 billion in the second quarter. The company said it plans to spend 4 billion pounds in JLR this fiscal year to boost capacity and launch new products.
Dr Speth concluded: "Our product portfolio continues to excite and surprise". The revenues (net of excise) for Q2FY18 stood at Rs 13,400 crore, as compared to Rs 10,311 crore for the corresponding quarter a year ago, a growth of 30%.
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