Tata Motors Q2 net surges; beats forecasts

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Tata Motors Q2 net surges; beats forecasts
Tata Motors Ltd reported revenues and profits that were way ahead of expectations, once again led by a stellar performance from its Jaguar Land Rover (JLR) unit. Consolidated revenues (net of excise) came in at Rs.56,882 crores for the quarter ended September 30, 2013, a growth of a whopping 31.1% over Rs.43,403 crores for the corresponding quarter of the previous year, despite weak operating environment in the India business which was more than offset by increase in wholesale volumes and richer product and market mix at Jaguar Land Rover (JLR).

The consolidated profit before tax for the quarter was Rs.4,752 crores, a growth of 53.9% over Rs.3,089 crores for the corresponding quarter of the previous year. The consolidated profit after tax (post minority interest and profit/loss in respect of associate companies) for the quarter was Rs.3,542 crores, a growth of 70.7% over Rs.2,074 crores for the corresponding quarter of the previous year.

JLR performance

Once again Jaguar land Rover showed an outstanding performance. Jaguar Land Rover wholesale and retail volumes for the quarter ended September 30, 2013 grew by 31.6% and 21.1%, respectively, over the corresponding period last year and stood at 101,931 units and 102,644 units, respectively. Following strong response to its new products and powertrain options, Jaguar wholesale and retail volumes grew by 91.6% and 56.5% to 18,834 units and 20,024 units, respectively, as against 9,832 units and 12,798 units, respectively, in the corresponding quarter last year. Strong response to the All-New Range Rover and continued strong growth in Evoque and other products, Land Rover wholesale and retail volumes stood at 83,097 units and 82,620 units (growth of 22.9% and 14.8% over corresponding quarter last year).

The stock is expected to open higher in trade on Monday, following the sterling performance.

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