Tata Motors Q2 profit jumps three-fold, beats estimates


Indian carmaker Tata Motors Thursday reported a three-fold increase in quarterly profits, beating analyst estimates and boosted by higher sales from its Jaguar Land Rover business.

Net profit for the quarter ended September 30 came in at Rs 2,502 crore against Rs 848 crore a year ago.

Consolidated profit before tax for the quarter was Rs3,081 crore, against Rs999 crore for the corresponding quarter a year ago.

Income from operations for the quarter rose about 9% to Rs70,156 crore.

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Analysts on average expected a net profit of Rs 1,499 crore, according to Thomson Reuters data. "I see positive trend to continue.as long as the company has its product strategy right".

This is the biggest profit jump in six quarters for Tata Motors after luxury vehicle brand Jaguar Land Rover began selling new models. Tata Motors, which also manufactures a range of passenger and commercial vehicles in India, has for always been riding on the success of JLR that accounts for more than three-fourth of the company's revenue and almost 90% of its operating profit. After exceptional items, the consolidated profit before and after tax (post profit / loss in respect of associated companies) for H1FY18 was Rs6,818 crore and Rs5,702 crore, respectively, as against Rs3,551 crore and Rs3,109 crore, for the corresponding period a year ago. The passenger vehicles grew by 14.4 per cent versus the corresponding quarter a year ago. While revenue jumped 30 per cent to Rs 13,400 crore, operating profit soared 189 per cent to Rs 971 crore. Loss before and after tax for the quarter was at Rs 266 crores and Rs 295 crore, against loss before and after tax of Rs 609 crores and Rs 631 crores, respectively, for the corresponding quarter past year.

Shares of the company gained 0.4% in Mumbai trading, while the benchmark S&P BSE Sensex closed 0.1% higher.

In PV business, new products like Tiago, Tigor and Hexa continued to drive sales momentum, said the automobile major.

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Mayank Parekh rpt Parekh, head of the passenger vehicle business said the company has huge bookings for its recently launched compact SUV Nexon with a three-month waiting period.

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

Jaguar Land Rover reported a pre-tax profit of 385 million pounds ($505 million), a 38% increase from a year earlier. EBITDA margin was 11.8 per c4nt and EBIT margin was 5.2 per cent in the quarter. However, Speth added that the company faces headwinds and uncertainty in some markets, but it will continue to focus on achieving profitable and sustainable growth for the rest of the fiscal. They plan to launch several new cars in the next year, including two new SUVs, the XF Sportbrake and the E-Pace, as well as the I-Pace, the company's first electric sport vehicle.

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