Mumbai: The British subsidiary Jaguar Land Rover came to the rescue of parent Tata Motors yet again, helping it to report a profit of Rs 3,945.5 crore in January- March quarter, which was also aided by favourable exchange rates, record sales in China and some one-time tax gains.
The auto major's March quarter net profit was, however, down 37 per cent over Rs 6,234 crore posted a year ago, but better than what most analysts had expected. A 21 per cent spike in sales in China helped the marquee brand JLR report a 17 per cent year-on-year growth. For the full year (FY13), China notched up 48 per cent rise in sales, making it the single largest market for JLR.
Consolidated income from operations was Rs 56,001.64 crore in the quarter under review as against Rs 50,907.90 crore in the year-ago period, Tata Motors said. For FY13, the company posted a consolidated profit of Rs 9,892.61 crore as against Rs 13,516.50 crore in FY12.
"External environment and overall economic activities remain stressed, impacting demand, mainly for the medium and heavy CV segment, but the demand in the small commercial segment remains strong," C Ramakrishnan, Tata Motors Chief Financial Officer, said while announcing the numbers.
JLR continues to drive improved business performance, he said, adding, "a 17 per cent Y-o-Y jump in revenue growth with continued strong demand from China helped achieve Ebitda margin at 15.2 per cent for the fiscal." JLR accounts for more than three quarters of Tata Motors' Group revenue.
Tata Motors' consolidated net sales in 2012-13 were Rs 18,8817.63 crore, up from Rs 16,5654.49 crore in 2011-12. Had it not been for Rs 1,800 crore tax gains, the numbers would have been much lower.
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