Tata Motors Ltd., India’s top automaker, posted a three-fold rise in quarterly net profit, lifted by strong sales at its luxury unit Jaguar Land Rover (JLR) and higher demand for its trucks as the domestic economy recovers. Profit was helped by a one-time gain of Rs.555 crore in an insurance payment for damage caused to JLR cars in an explosion at Tianjin Port in China last year.
Consolidated net profit for the three months ended March 31 beat analyst estimates rising to Rs.5,170 crore ($771 million) compared with Rs.1,717 crore. Analysts on average expected Tata Motors to post a profit of Rs. 3,436 crore.Net sales rose 19 per cent to Rs.79,930 crore. Operating margin at JLR for the quarter fell to 16.2 per cent.
