The higher sales of Jaguar Land Rover business contributed to the company's earnings.
India's Tata Motors (NYSE:TTM) sees share price slump after reporting soaring profit and a spike in revenue for the second quarter of the financial year.
Net profit for the quarter ended September 30 came in at Rs 2,483 crore ($382.10 million), versus Rs 828 crore a year ago. Analysts on average expected a net profit of Rs 1499 crore, according to Thomson Reuters data. While it saw the best sales numbers for cars since November 2012, CV sales was the best since June 2014, helping it shore up market pie by 400 bps to 45 percent.
Domestic sales, including exports of commercial and passenger vehicles stood at 152,979 units, a growth of 13.8 per cent with an impressive growth across segments-28 per cent in MHCVs, 35 per cent in ILCVs, 38 per cent in SCVs and pick- ups.
"With our turnaround plan in full action, we are seeing encouraging results", said Guenter Butschek, managing director and CEO of Tata Motors.
Retail sales of its Jaguar saloons and Land Rover sport-utility vehicles were up 5 percent on the same quarter a year ago, as an increase in sales in China helped offset lower United Kingdom sales.
This helped the company book an operating margin of 11.8 per cent and Ebit margin of 5.2 per cent in the quarter.
The commercial vehicles business market share grew by 1.7 per cent year-on-year and 3.9 per cent sequentially on the back of newly launched products, increased acceptance of SCR technology, improved stakeholders' engagement and aggressive market activation, well complemented at back end by steep ramp-up of production. However, Speth added that the company faces headwinds and uncertainty in some markets, but it will continue to focus on achieving profitable and sustainable growth for the rest of the fiscal.
JLR CEO Ralf Speth said, "We have delivered solid growth in quarterly profit and revenues amid rising demand for our products".
JLR is plugging £4bn over the course of the year, building a new plant in Slovakia, and has plans to launch a smaller version of the Jaguar E-Pace SUV in markets such as China. Revenues climbed 30% to Rs 13,400 crore, while operating profit jumped almost two times to Rs 971 crore.
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