Tata Motors' Q1 net more than triples on strong sales

Tata Motors Ltd, India's biggest automaker by revenue, on Monday beat forecasts as first-quarter net profit more than tripled on strong sales of its luxury Jaguar and Land Rover vehicles that continued to offset a drop in domestic sales.

Tata Motors, part of the $100 billion Tata conglomerate, said consolidated net profit for the April-June quarter rose to Rs 5,398 crore ($882.31 million) compared with Rs 1,768 crore a year ago.

Analysts had expected an average profit of almost Rs 3,710 crore, according to Thomson Reuters. The company's consolidated revenue grew 38.2 per cent to Rs 64,683 crore.

(Reuters)