Tata Motors net profit more than triples on strong sales

NEW DELHI (Reuters) - Tata Motors Ltd, India's biggest automaker by revenue, on Monday beat forecasts as first-quarter net profit more than tripled on strong sales of its luxury Jaguar and Land Rover vehicles that continued to offset a drop in domestic sales.

Tata Motors, part of the $100 billion Tata conglomerate, said consolidated net profit for the April-June quarter rose to 53.98 billion rupees ($882.31 million) compared with 17.68 billion rupees a year ago.

Analysts had expected an average profit of 37.1 billion rupees, according to Thomson Reuters I/B/E/S.

Consolidated revenue grew 38.2 percent to 646.83 billion rupees.

($1 = 61.1800 rupee)

 

(Reporting by Aditi Shah; Editing by Miral Fahmy)