The net profit of Tata Motors for the fiscal fourth quarter more than doubled as the high demand for its Jaguar Land Rover vehicles fail to make up for its poor performance at its core domestic business. Tata Motors, which is part of the software-to-steel Tata Group conglomerate, said that the consolidated net profit for the quarter ended March was 62.5 billion rupees ($1.13 billion) compared to 26.23 billion rupees from the same period the previous year.
Tata said that the JLR’s net profit 696 million pounds ($1.09 billion) for the comparable period. Tata Motors had a consolidated net profit of 62.3 billion rupees, after accounting for minority interest and share of associates. Its consolidated revenue increased by 44% to 506.09 billion rupees, compared with 351.48 billion rupees the previous year.
Tata, which purchased the Jaguar Land Rover brands from Ford in 2008 for $2.5 billion, is planning to invest $12 billion in them more than five years to get a wider share of a premium car market that has been taken over by BMW, Audi and Mercedes-Benz.