Tata Motors Ltd, India's largest vehicle maker, on Friday posted its fourth straight quarterly profit from domestic operations, but lagged forecasts as a rise in sales was offset by an increase in input costs.
Tata Motors, which owns British luxury brands Jaguar Land Rover and also makes the ultra cheap Nano car, posted a December-quarter net profit of Rs4 billion ($86.4 million), compared with a net loss of Rs2.63 billion in the prior-year quarter, when an economic slowdown had hit sales.
Revenues surged 89% to Rs89.8 billion as sales of its cars, utility vehicles and trucks surged on customer demand and easy availability of credit.
A Reuters poll of 13 brokerages forecast net profit of Rs4.42 billion on net sales of Rs83.46 billion.
Automobile sales in India are getting a boost from a better economic climate and government stimulus packages that reduced factory-gate duties on vehicles.
Shares in Tata Motors, valued at $8 billion, rose 34% in the December quarter, outperforming a 2% rise in the main index.
Its shares rose nearly five times in 2009 while that of top carmaker Maruti Suzuki trebled.
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