Tata Motors Posts Surge In FQ1 Profit, Shares Jump

Tata Motors

reported a strong rise in its net profit for the fiscal first quarter. The Mumbai, India-based company posted a quarterly consolidated net profit of 53.98 billion Indian rupees ($900 million), versus a year-ago profit of 17.26 billion rupees. Its sales climbed 36% to 648.57 billion rupees. However, analysts were estimating a profit of 35.27 billion rupees. Its EBITDA jumped 78.7% to Rs 11,142 crore. Tata Motors' subsidiary Jaguar Land Rover reported a 30.8% rise in revenue to pound 5.35 billion. Jaguar Land Rover wholesale volume jumped 27.1% y/y to 1,15,156 units, while retail volume climbed 22% to 1,15,596 units in the quarter. Standalone profit dropped 44% to 393.6 crore rupees versus 703.2 crore rupees. Total expenses climbed 31.7% to 56,520 crore rupess in the quarter. Tata Motors shares climbed 9.83% to $42.00 in pre-market trading.