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Tata Motors on the growth lane
Consolidated profits of Tata Motors for the June 2016 quarter dropped about 57 per cent (over June 2015) to ₹2,260 crore. Profits were impacted due to adverse forex movement (pound vs euro) to the extent of ₹2,300 crore in the Jaguar Land Rover business, thanks to Brexit.
But considering the one-time nature of this movement, the market brushed aside the dip and the stock closed 2 per cent higher on Friday, recognising the strong show on the top line.
Consolidated net sales grew 10 per cent to ₹66,101 crore, powered by the 16-18 per cent volume growth seen across the US, Europe, the UK and China for JLR. The Discovery Sport, XE and the new F-PACE fuelled this growth.
The China joint venture for local production also continued to deliver on profitability.
With domestic vehicle sales on an upturn, the India business stood in the limelight too, with 7-15 per cent volume growth in commercial vehicles and cars.
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