Tremendous Growth | Finansavisen

Tata Motors smashed expectations with its fiscal fourth quarter numbers, according to Bloomberg.

The Indian group, which owns Britain’s Jaguar Land Rover, earned 174.1 billion rupees in the period, which ended in March. This corresponds to NOK 22.6 billion – and a growth of a whopping 222 per cent from the same period a year ago.

The result was also miles ahead of analysts’ expectations ahead, which stood at 66.74 billion rupees.

A deferred tax gain of 94.8 billion rupees contributed to the strong result.

However, revenue of 1.19 billion rupees was slightly lower than analysts’ estimates, according to the news agency.

The figures for the Jaguar Land Rover business show an 80 per cent growth in profit before tax – to 661 million pounds, just under 9 billion kroner.

“Underlying this result was sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brand names,” Jaguar Land Rover CEO Adrian Mardell said in a statement.

Tata Motors’ car sales also had growth in all of the months of the quarter, according to Bloomberg.