Mumbai: India’s top bus and truck maker, Tata Motors Ltd, reported on Friday quarterly net profit rose 26%, helped by sales of higher-margin trucks.
The New York-listed company, which has about 60% of India’s $5 billion (Rs20,432 crore) truck and bus market, said net profit rose to Rs5.77 billion ($141 million) in its fiscal fourth-quarter to March from Rs4.58 billion reported a year ago.
The result beat a Reuters poll forecast of Rs5.51 billion.
Tata Motors, also India’s third-biggest car maker after Maruti Udyog Ltd and South Korea’s Hyundai Motor Co., has a joint venture with Italy’s Fiat to make cars and engines in India and a separate venture to make pick-up trucks in Argentina.
The company makes the popular Indica hatchback and Indigo sedan. It is scheduled to roll out a low-cost small car in 2008.
Top car maker Maruti posted a better-than-expected 24% rise in quarterly profit last month.