Markets News

JLR parent Tata Motors posts quarterly profit

BENGALURU, Jan 28 (Reuters) - India’s Tata Motors Ltd reported a quarterly profit on Thursday, compared with a year-earlier loss, as the maker of British luxury car brands Jaguar and Land Rover kept a tight lid on costs.

The carmaker’s net profit was 17.38 billion rupees ($244.55 million) for the third quarter ended Dec. 31, compared with a loss of 269.93 billion rupees a year earlier, when it had booked an impairment charge on the British luxury car unit.

Analysts on average expected the company to post a profit of 10.19 billion rupees, according to Refinitiv data.

Revenue from operations fell to 716.76 billion rupees from 769.16 billion rupees a year earlier.

$1 = 71.0700 Indian rupees Reporting by Chandini Monnappa in Bengaluru