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Top gear: JLR the driving force behind Tata growth
India’s Tata Motors reported a stronger-than-expected 40.5 per cent rise in quarterly profit yesterday as robust sales at Jaguar Land Rover (JLR) more than made up for weakness in its home market.
Rising demand for luxury models, especially in China and other emerging markets, has bolstered the group’s earnings over the past few quarters as demand for cars waned in India.
Tata said strong sales at JLR reflected a better product and market mix as well as strong demand in China and Russia, especially for the new Range Rover Evoque model.
The Indian group, which also makes the ultra-cheap Nano, bought JLR in 2008 from US giant Ford and has since turned it into its main profit driver.
Revenue at JLR rose nearly 41 per cent to £3.75 billion, while profit jumped 57.4 per cent to £440 million. Profit margins at JLR were 20.1 per cent, compared with 6.7 per cent in Tata’s domestic business.
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