Tata Motors net profit more than triples on strong sales

Tata Motors Ltd, India's biggest automaker by revenue, on Monday beat forecasts as first-quarter net profit more than tripled on strong sales of its luxury Jaguar and Land Rover vehicles that continued to offset a drop in domestic sales.
Tata Motors, part of the $100 billion Tata conglomerate, said consolidated net profit for the April-June quarter rose to 53.98 billion rupees ($882.31 million) compared with 17.68 billion rupees a year ago.
Analysts had expected an average profit of 37.1 billion rupees.
Consolidated revenue grew 38.2 percent to 646.83 billion rupees.