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Tata profits surge thanks to JLR turnaround

Indian car maker Tata Motors has reported a massive surge in profits to £1.3bn over the last year up a staggering 260% from the previous year thanks to a 33% increase in revenues.

Business at its Jaguar Land Rover subsidiary witnessed a distinct turnaround, earning £1.1bn in profits before tax, having barely managing to break even in the 2009-10 year.

Exports already forced a 51% leap in income at Jaguar Land Rover during the last year, with developing markets including China seeing the quickest growth whilst the UK share of its business decreased from 28% to 24% of sales.

The leap in the UK unit’s profits – greatly influenced by the declining value of sterling – helped it to pay off its debts, meaning net debt dropped by almost 60% to £233m.

The result demonstrated “consumer confidence in our brands”, according to Jaguar Land Rover CEO, Dr Ralf Speth.

“We have committed more than £1bn a year over the next five years to the creation of new and exciting products,” he added.

JLR has already revealed a brand new £700,000 hybrid supercar developed in collaboration with the Williams Formula 1 team.

Mumbai-based Tata Motors bought the Jaguar and Land Rover marques from Ford in 2008 and will open its first production line for Jaguar Land Rover in India on Friday.

May 26, 2011MTI
  • JLR boosts Tata profits
  • Surging profits for Tata Motors
  • Tata raises cash to pay off debts
  • Tata profits up despite drop in sales
  • Tata boss confident on future of Jaguar Land Rover
  • Tata gains debt reprieve
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