Driven by strong sales in the domestic market and good show by JLR, Tata Motors on Tuesday reported a consolidated net profit of Rs 1,988.73 crore for the quarter ended June 30.
The automaker had reported a loss of Rs 328.78 crore in the same period last fiscal.
The company said its consolidated net sales stood at Rs 26,876.08 crore during the quarter against Rs 16,365.57 crore in the year-ago period.
In the domestic market, passenger vehicles, including Fiat and Jaguar and Land Rover, sales grew by 56 per cent to 77,858 units.
It was driven by Indigo Manza, Indica Vista and Nano, the company said, adding its market share in passenger vehicles for the period stood at 13.3 per cent compared to 11.2 per cent in the same period last fiscal.
Domestic commercial vehicles sales during the first quarter grew 38.7 per cent to 100,186 units, with medium and heavy commercial vehicles segment increasing by 62.4 per cent year-on-year, the company said.
During the quarter, Jaguar Land Rover business continued to show strong profitability, with increase in volumes coupled with significantly favourable currency movement in Q1 FY 2010-11, reporting a profit before tax of 233.82 million pounds (Rs 1,590.25 crore), the company said in a statement.
Wholesale volumes for JLR in the quarter were 57,153 units compared to 35,947 units in the year-ago period, it said, adding retail sales too improved favourably in the quarter, on the back of good response for Land Rover products and the newly launched XJ.
There was a strong recovery across all the regions, with China standing out registering a growth of 104 per cent, it said.
Tata Daewoo Commercial Vehicles Company Ltd registered a 20.9 per cent growth in sales in the quarter, the statement said, adding Tata Motors Finance Limited, the company’s captive financing subsidiary, reported a net profit of Rs 23.52 crore.