Tata Motors third quarter net profit up 40.47 percent

Tata Motors Tuesday reported a 40.47 percent rise in net profit for the third quarter of the current fiscal at Rs.3,405.55 crore for the quarter ended Dec 31, 2011 from Rs.2,424.38 crore in the like period of 2010-11.

The company said in a regulatory filing to the Bombay Stock Exchange (BSE) that its total income increased by 43.98 percent in the quarter under review at Rs.45,284.28 crore from Rs.31,451.44 crore in the quarter ended Dec 31, 2010.

On a standalone basis, the automobile giant reported a 57.64 percent fall in net profit at Rs.173.67 crore for the quarter ended Dec 31, 2011 from Rs.410.06 crore for the quarter ended Dec 31, 2010.

Total income increased by 18.40 percent from Rs.11,285.30 crore for the quarter ended Dec 31, 2010 to Rs.13,362.91 crore for the quarter ended Dec 31, 2011.

Commercial vehicle sales of Tata Motors in domestic market in the quarter under review grew by 15.5 percent at 131,220 units over the like period of 2010-11.

“Passenger vehicle sales including Fiat and Jaguar and Land Rover vehicle distributed in India grew by 33.2 percent in the domestic market for the quarter ended Dec 31, 2011 as compared to the corresponding period last year to 85,963 units,” the company said.

Jaguar Land Rover PLC’s net profit for the quarter under review grew by 57.14 percent at GBP 440 million (Rs.3,416.67 crore) from GBP 280 million (Rs.2,174.9 crore) in the corresponding quarter of last year.

The subsidiaries’ sale in the quarter ended Dec 31, 2011 grew by 36.7 percent to 86,322 units over the like period of last year.

Tata Daewoo Commercial Vehicles registered a net revenue of Rs.704 crore, and recorded a net loss of Rs.1 crore in the quarter ended Dec 31, 2011.

“This is mainly due to slowing down of economy which led to lower industry sales.”

Tata Motors Finance subsidiary registered a net revenue of Rs.524 crore and reported a net profit of Rs.71 crore in the quarter under review.