Tata Motors' Q2 net profit jumps to Rs 848 crore on strong JLR sales
During the quarter, most of the segments of the company witnessed growth.
The Passenger and Commercial Vehicle major, Tata Motors on Monday announced its financial results for the quarter ended on September 30. The company registered a consolidated net profit of Rs 848 crore as compared to net loss of Rs 1,740 crore during the same period last year.
In a reulatory filing, the company said the consolidated revenues of Rs 67,000 crores as against Rs 62,647 crores for the corresponding quarter last year. The reason behind the growth was on the back of strong sales of Jaguar Land Rover in all the regions including UK, Europe, North America, China and other overseas markets.
"Retail sales grew across all key regions with North America up 39%, UK up 28%, China up 49%, Europe up 31% and Overseas markets up 1%. Jaguar Land Rover wholesales and retail excluding the China JV for the quarter were 124,192 units and 128,967 units, up 11.7% and 22.7% respectively year on year. China JV wholesales and retails for the quarter were 15,043 units and 13,492 units, up 169% and 165%, respectively", the company said.
During the quarter, most of the segments of the company witnessed growth - LCV segment grew by 11.4% Y-o-Y, Passenger vehicles segment grew by 20.5% Y-o-Y with Car segment growth of 26.4% Y-o-Y on the back of continued strong response to the recently launched Tiago, Exports grew by 20.1% Y-o-Y. These were more than offset by degrowth of 16.5% Y-o-Y in the M&HCV segment.
The sales (including exports) of commercial and passenger vehicles for the quarter ended September 30, 2016, stood at 134,397 units, representing a growth of 6.1%, as compared to the corresponding quarter last year.
On Friday, the shares of the company closed at Rs 507.40 per piece, down 5.01%, or Rs 26.75 on BSE.