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Tata Motors Q1 net up 42%, riding on JLR pension plan benefit

Thursday, August 10, 2017

Homegrown auto major Tata Motors yesterday reported 41.54% jump in net profit to Rs 3,199.93 crore for the June quarter of the current fiscal, benefiting from one-time gain relating to changes made to JLR pension plans.

It had posted consolidated net profit of Rs 2,260.4 crore in the April-June period of last fiscal, Tata Motors said in a BSE filing. Income from operations during the period under review stood at Rs 59,818.22 crore, as against Rs 66,165.89 crore in the year-ago period, down 9.59%.

"Consolidated profit before tax for the quarter includes one-time gain of Rs 3,609 crore (437 million pound) relating to the changes made to the Jaguar Land Rover pension plans," Tata Motors said.

Volume sales, including exports of commercial and passenger vehicles for the quarter stood at 1,11,860 units, down 11.8% when compared to the corresponding quarter last year, it said. Tata Motors said its operating performance broadly reflected JLR's lower wholesale volumes excluding China JV and continuation of higher competitive incentive levels and launch and growth costs seen in FY17.

Tata Motors MD & CEO Guenter Butschek said: "While the first quarter results have not met our expectations, we are working with renewed focus and energy to improve performance of our commercial and passenger vehicle businesses."

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