Tata Motors triples profits with strong JLR sales

The surge in profit was aided by strong sales of new sport utility vehicles Range Rover Velar, Land Rover Discovery, and Jaguar F-Pace.

Retail sales of its Jaguar saloons and Land Rover sport-utility vehicles were up 5% on the same quarter a year ago, as an increase in sales in China helped offset lower United Kingdom sales.

Tata Motors owned Jaguar Land Rover Automotive today reported a 38 percent increase in its Q2 FY2017-18 pre-tax profits to £385 million (Rs 3,789 crore).

Tata Motors' consolidated net profit jumped 195.04% to Rs 2502 crore on 10.34% growth in revenue (net of excise) to Rs 70156 crore in Q2 September 2017 over Q2 September 2016. However, according to the management, the profit was lower by Rs 112 crore due to the conversion impact from pounds to rupees. Consolidated revenue (net of excise) stood at Rs 70,156 crore in Q2FY18 as against Rs 63,577 crore for the corresponding quarter a year ago.

JLR plans to launch several new products next year including the Jaguar XF Sportbrake sport-utility vehicle (SUV), the E-Pace, a compact SUV, and the I-Pace, its first electric sports auto, Speth said after the company announced a three-fold rise in profit.

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The plan focuses on launching new products, reducing costs and consolidating its supply chain, he told reporters.

Guenter Butschek, MD & CEO Tata Motors, said, "After a challenging first quarter, Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives".

The company has been grappling with losses in India as its commercial vehicles models ceded market share to Daimler and Volvo. The second-quarter retail sales at JLR grew 5% to 1.49 lakh units, with its top market China clocking an increase of 27%.

But Tata Motors said sales of JLR, one of its key products, grew by 27.4 percent in China and 5.1 percent in USA, helping to offset the fall in Europe and the UK. EBITDA margin was 11.8 per c4nt and EBIT margin was 5.2 per cent in the quarter. Although we are facing headwinds and uncertainty in some markets, Jaguar Land Rover is well positioned to deliver further global expansion, " Ralf Speth, Jaguar Land Rover chief executive officer, said. Investment spending for the full year is expected to exceed £4 billion.

Dr Speth concluded: "Our product portfolio continues to excite and surprise".

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