Jag, Landy boost Tata's profits
2012-08-10 09:10
TATA'S BOOST: Jaguar Land Rover has been credited for helping parent company Tata Motors to a first quarter profit for 2012.
MUMBAI, India - Tata Motors said its June quarter profits rose 12% as strong sales of its Jaguar and Land Rover vehicles made up for lacklustre domestic demand.
Profit for the quarter, at 22.5-billion rupees (R3.296-billion), was however, less than expected.
SUBSIDIARY SHINES
India's top automaker said on August 10, 2012 that exceptional foreign exchange losses due to the depreciation of the rupee had hurt earnings.
Strong sales at Tata subsidiary Jaguar Land Rover drove revenue up 30.1% from a year earlier to 433.2-billion rupees (R63.1-billion).
Its domestic business fared less well. Tata sold nearly 10% fewer passenger vehicles in India than it did a year earlier. Stand-alone revenue fell 8.9% to 105.9 billion rupees (R15.37-billion).