Mumbai: Tata Motors Ltd, India’s largest vehicle maker, on Friday posted its fourth straight quarterly profit from domestic operations, but lagged forecasts as a rise in sales was offset by an increase in input costs.
Tata Motors, which owns British luxury brands Jaguar Land Rover and also makes the ultra cheap Nano car, posted a December-quarter net profit of Rs400 crore ($86.4 million), compared with a net loss of Rs263 crore in the prior-year quarter, when an economic slowdown had hit sales.
Revenues surged 89% to Rs898 crore as sales of its cars, utility vehicles and trucks surged on customer demand and easy availability of credit.
A Reuters poll of 13 brokerages forecast net profit of Rs442 crore on net sales of Rs8,346 crore.
Automobile sales in India are getting a boost from a better economic climate and government stimulus packages that reduced factory-gate duties on vehicles.
Shares in Tata Motors, valued at $8 billion, rose 34% in the December quarter, outperforming a 2% rise in the main index.
Its shares rose nearly five times in 2009 while that of top carmaker Maruti Suzuki trebled.