Tata Motors sees profit surge

Tata Motors, India's top vehicle maker, beat market estimates with a surge in March quarter earnings, fuelled by rising sales and improved profitability at its Jaguar and Land Rover unit.
The company earned 22.28 billion rupees ($471 million) in the three months ended March 31, based on Reuters calculations after it posted full-year profit of 25.71 billion compared with a net loss of 25.05 billion rupees reported a year ago.
Tata Motors earned a profit of 3.16 billion rupees in the year-ago quarter, Reuters calculations showed.
I/B/E/S estimated net profit for the quarter at 8.03 billion rupees on revenue of 109.9 billion rupees.
The leading maker of trucks and buses in India is riding a surge in demand at home, but its UK-based luxury brands Jaguar and Land Rover (JLR) depend on a stronger global economy to drive sales.
"Overall economic recovery, a benign liquidity environment along with government stimulus has driven domestic demand revival," the company said in a statement.