Mumbai: Indian carmaker Tata Motors reported a 42 per cent rise in quarterly profits, buoyed by a one-time gain from changes it made to pension plans at British unit Jaguar Land Rover.
Consolidated net profit for the three months through June rose to 31.82 billion rupees ($498.73 million) compared with 22.36 billion rupees a year earlier, the Mumbai-based company said in a statement.
A Bloomberg survey had pegged net profit to come in at 14.80 billion rupees.
Tata Motors said it benefited from changes it made to Jaguar Land Rover’s pension plans which gave it a one-time gain of 36.09 billion rupees. Revenue fell about 10 per cent to 599.72 billion rupees. Jaguar Land Rover, one of Tata Motors’ key units, saw a 14 per cent drop in sales in its UK home market but witnessed 30 per cent growth in China.
“While the first-quarter results have not met our expectations, we are working with renewed focus and energy to improve performance of our Commercial and Passenger Vehicle businesses,” Tata Motors chief Guenter Butschek said in a statement. — AFP
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