Tata reports 42% increase in profits

Indian carmaker Tata Motors yesterday reported a 42% rise in quarterly profits, buoyed by a one-time gain from changes it made to pension plans at British unit Jaguar Land Rover.

Consolidated net profit for the three months to June rose to 31.82 billion rupees (R6.69-billion) compared with 22.36 billion rupees (R4.71-billion) a year earlier, the company said.

The motor major beat earnings forecasts.

Jaguar Land Rover, one of Tata Motors’ key units, saw a 14% drop in sales in its UK home market but witnessed 30% growth in China.

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