Tata Motors claims about nearly 11-fold increase in net profit through half December. The performance missed analyst estimates by half, owing to a lax quarter for the Jaguar Land Rover business.
The new turnaround strategy was brought into existence in August to turn around the company’s passenger vehicles business as well as to strengthen its position as the market leader in the commercial vehicles segment.
Jaguar Land Rover, is expecting an improved performance in the ongoing quarter in coming years.
Ralph Speth, the UK-based unit’s chief executive says that JLR will soon be launching its first electric car and expects a stronger all round performance in the fourth quarter , driven by new models , seasonality and improved profitability.
The managing director Guenter Butschek said in a news release that the turnaround strategy is delivering best results for us as it is evident in share gain in an intensely competitive market and improved profitability enabled by a slew of new product launches and customer-centric incentives giving a tough competition in the market.
Ebitda margin widened 7.5 percentage points to 9% owing to an increase in net realizations from higher sales of heavy and medium commercial vehicles.
On Monday , shares of leading vehicle producing company Tata Motors rose 3.12% to Rs396.05 on BSE, while the benchmark Sensex shed 0.88% to 34,757.16 points. The firm released its December quarter results after market hours to have a track of it’s production and gains.