Tata Motors on Tuesday reported a massive 102-fold jump in its consolidated net profit for the quarter ended September 30 at Rs 2,222.99 crore as its iconic UK brand Jaguar Land Rover (JLR) bounced back into profits this year.
The company had posted a net profit of Rs 21.78 crore in the corresponding period last year, according to a Tata Motors statement.
The consolidated total income from operations during the second quarter also increased by 36.48 per cent to Rs 28,782 crore from Rs 21,088.45 crore in the year- ago period, it added.
The Jaguar Land Rover business continued to show strong profitability with healthy volumes in Q2 of FY2010- 11, reporting a profit after tax (PAT) of GBP 238 million (Rs 1,715 crore).
Both wholesale and retail volumes improved favourably as compared to the corresponding quarter in the prior year on the back of improved market conditions and continued overwhelming response.
Tata Daewoo Commercial Vehicles Co Ltd registered a year- on- year (y-o-y) quarterly decline of 8.5 per cent in net revenues, mainly resulting from lower exports and ramp- up of operations in the newly- formed distribution company.
Favourable macroeconomic conditions, good monsoons and good finance availability led to robust domestic demand during the quarter, resulting in volume growth across all segments, the company said.
The shares of Tata Motors rose marginally and closed the day at Rs 1,270.55 per share on the BSE.