India's Tata Motors swings into profit for year
India's top vehicle maker Tata Motors on Thursday swung into an annual profit for the fiscal year ended March, as government stimulus packages and an economic recovery boosted demand for cars.
The company said it made a consolidated net profit of 25.71 billion rupees (560 million dollars) in the financial year ended March 2010, compared with a loss of 25 billion rupees in 2008-09.
The earnings, which beat market expectations, included financial data from British luxury marque Jaguar and Land Rover.
Total income across the company, which is part of the tea-to-steel Tata Group conglomerate, jumped 31 percent to 925 billion rupees.
Out of that, Jaguar and Land Rover accounted for 493 billion rupees.
Tata Motors' India operations saw annual profit soaring 124 percent to 22.4 billion rupees from 10 billion rupees a year earlier.
Tata Motors paid 2.3 billion dollars to buy Jaguar and Land Rover in 2008 and launched the cars in India in June last year.
Tata Motors rose 4.74 percent or 33.65 rupees to 742.9 prior to the earnings announcement, which came after the market closed.
© 2010 AFP