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NEW DELHI: India's top vehicle maker Tata Motors said on Monday it more than doubled profits in its domestic market in the third quarter of the year, boosted by sales of its Nano vehicle and foreign brands.
Net profit in the three months to September reached 7.29 billion rupees (156 million dollars) from 3.47 billion rupees a year earlier on increased sales and cost-savings, the company said in a statement.
The profit figure far exceeded the average of 4.0 billion rupees forecast by 10 analysts polled by Dow Jones Newswires.
Net sales rose about 13 percent to 79.24 billion rupees.
"Revival of industrial activity and improvement in liquidity coupled with introduction of new products and variants improved the company?s sales in the domestic market," Tata said.
Sales of passenger vehicles in India, including British brands Jaguar and Land Rover, which Tata acquired last year, grew by 27.3 percent to 60,917 units.
"The company commenced deliveries of Jaguar and Land Rover vehicles which have received an encouraging response from the market," it said.
The sales figure included sales of vehicles by Italian manufacturer Fiat, with which Tata has a joint venture for sales and distribution in India.
The overall profit figure did not include the full Jaguar Land Rover luxury unit, however, which will be integrated in consolidated results to be released at a later date.
Tata also began its first deliveries of the Tata Nano, the world's cheapest passenger car, sending out 7,506 units from its plant at Uttarakhand in northern India.
The market share for Tata passenger vehicles in India for the period stood at 11.6 percent.
Tata Motors, India's largest vehicle maker by revenues, bought Jaguar and Land Rover from US Ford Motor last June for 2.3 billion dollars.
In the previous quarter to June, the company posted a consolidated net loss of 3.28 billion rupees, dragged down by losses for the British luxury brands.
Tata Motors shares rose 9.95 rupees, or 1.88 percent, to 539.35 at the Mumbai stock exchange, prior to the earnings being announced. - AFP/de
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