Tata Motors Q1 net soars 212 percent

Indian automobile major Tata Motors Monday said it closed the first quarter of the current fiscal with 212 percent growth in its net profit and 38 percent increase in revenue.

In a statement issued here, the company said its consolidated revenue for the first quarter stood at Rs.64,683 crore, compared to Rs.46,796 crore posted during the corresponding quarter of the previous year.

The consolidated profit after tax after minority interests for the quarter was Rs.5,398 crore, compared to Rs.1,726 crore posted during the corresponding period of the previous fiscal.

According to Tata Motors, the growth in business was due to strong demand for new products and richer geographic mix for its Jaguar Land Rover models.

On a standalone basis, Tata Motors posted a revenue of Rs.7,705 crore in the first quarter, compared to the Rs.9,105 crore earned during the corresponding period in the previous fiscal.

The after-tax profit stood at Rs.394 crore down from Rs.703 crore posted during the previous year's first quarter.

The sales (including exports) of commercial and passenger vehicles for the quarter, stood at 1,10,612 units, a decline of 28.3 percent compared to the corresponding quarter of the previous year.

"Continued slowdown in the economic growth and other macro-economic parameters continued to impact the demand for the entire auto industry in general and commercial vehicle industry in specific," the company said.