February 11, 2011 / 10:10 AM / 7 years ago

India's Tata Motors Q3 net soars, tops forecast

MUMBAI, Feb 11 (Reuters) - India’s Tata Motors Ltd (TAMO.BO) said on Friday quarterly profit surged, topping forecasts, on robust sales in its home market and improving demand at its Jaguar and Land Rover unit.

The company, India’s largest truck and bus maker, reported a consolidated net profit of 24.2 billion rupees ($530 million) for the fiscal third quarter ended Dec. 31, from 6.5 billion rupees in the year-ago quarter.

A Reuters poll of brokerages had expected a net profit of 21.86 billion rupees for the quarter.

Tata, whose products include utility vehicles, cars and the ultra-cheap Nano, is seeing a surge in demand within the country amid rapid economic growth, while its British luxury brands Jaguar and Land Rover have also seen strong sales. ($1= 45.7 rupees) (Reporting by Prashant Mehra; Editing by Muralikumar Anantharaman and Aradhana Aravindan)

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