India's Tata Motors Logs 40.5 Percent Profit Growth

MUMBAI, Feb. 14 (Kyodo) — Backed by strong sales at its Jaguar Land Rover unit, India's Tata Motors posted a 40.5 percent growth in profit in the quarter ended in December 2011, the company said Tuesday.

The Mumbai-based firm said consolidated net profit rose to 34.1 billion rupees ($688.9 million) from 24.2 billion rupees in the October-December quarter a year earlier.

Consolidated net revenue in the quarter was 452.60 billion rupees, up 44 percent from 314.42 billion rupees the previous year on the back of growth in volume, improved products and market mix, the company said in a statement.

Jaguar Land Rover sales for the October-December quarter rose 36.7 percent to 86,322 units on account of the recently launched Range Rover Evoque, the company said.

Tata Group acquired the British luxury car maker Jaguar Land Rover from Ford Motors in 2008 for $2.3 billion, an acquisition that put the company on the global market.