Tata Motors net up 42% on one-time JLR gain
A one-time gain of Rs 3,609 crore (£437 million) embellished Tata Motors net profit for the April-June quarter. The company, which also owns luxury car brand Jaguar Land Rover (JLR), posted a 41.6 per cent growth in profit at Rs 3,200 crore, against Rs 2,260 crore it posted in the same quarter last financial year. Without the one-time gain that came from changes in JLR’s pension plans, the company would have reported a loss on forex impact. The performance is, therefore, below analysts’ expectations of Rs 1,415-1,480 crore Consolidated profit for the quarter was lower by Rs 793 crore due to translation impact from British pound to rupee,” the company said in its filing. Income for the quarter declined 9.59 per cent to Rs 59,972 crore, as its operating performance was hit by lower wholesale volume sales of Jaguar Land Rover , excluding sales from the group’s China joint venture, and a slowdown in its heavy vehicle business, among other factors. The standalone business (...