Tata Motors net profit up 70% to Rs 3,542 crore; zips ahead of estimates

NEW DELHI: Tata Motors, India's biggest automaker by revenue beat analyst estimates on Friday by reporting a 70.7 per cent year on year increase in its consolidated net profit at Rs 3,541.86 crore for the quarter ended September 30. Buoyant sales at luxury unit Jaguar Land Rover Ltd received a lift from new models.

Analysts polled by ET Now had estimated the global auto giant to report a net profit of Rs 3,100 crore.

The company had reported a net profit of Rs 2,074.73 crore for July-September period of last year.

Total income has increased from Rs 43,609.70 crore reported for the quarter ended September 30, 2012, to Rs 57114.37 crore for the quarter ended September 30, 2013.

Tata Motors, part of the $100 billion Tata conglomerate, has become dependent on its U.K. unit to prop up profits. At home, passenger and commercial vehicle sales have suffered from an environment of high interest rates and fuel prices in an economy growing at its slowest pace in a decade.

Shares of Tata Motors closed 1.2 per cent higher at Rs 385.