{"id":166117,"date":"2021-01-29T17:10:59","date_gmt":"2021-01-29T14:10:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/profits-at-indias-tata-motors-surge-on-pent-up-demand\/"},"modified":"2021-01-29T17:10:59","modified_gmt":"2021-01-29T14:10:59","slug":"profits-at-indias-tata-motors-surge-on-pent-up-demand","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/profits-at-indias-tata-motors-surge-on-pent-up-demand\/","title":{"rendered":"#Profits at India’s Tata Motors surge on pent-up demand"},"content":{"rendered":"

“#Profits at India’s Tata Motors surge on pent-up demand<\/strong>”<\/p>\n

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\n The Tata Motors logo is seen on the engine grille of a truck in Mumbai
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Profits at India’s Tata Motors jumped 67 percent during the last quarter of 2020, the company said Friday, benefiting from pent-up demand that saw consumers flock to buy cars.<\/p>\n

The Mumbai-headquartered firm, which owns British luxury brand Jaguar Land Rover (JLR), saw consolidated net profit climb to 29.06 billion rupees ($398.91 million) during the October-December quarter from 17.38 billion rupees a year earlier.<\/p>\n

The results are a strong comeback for the automobile giant, which reported losses for three consecutive quarters as the pandemic hammered demand in domestic and international markets.<\/p>\n

“Due to a strong festive season and a clear preference for personal mobility, the (passenger vehicle) business posted its highest sales in last 33 quarters,” chief executive Guenter Butschek said in a statement.<\/p>\n

JLR sales were up 19.1 percent year on year in China, but lower globally as uncertainty over the pandemic and Britain’s post-Brexit future continues to weigh on demand.<\/p>\n

Tata Motors’ revenues rose 5.5 percent to 756.54 billion rupees, the firm said.<\/p>\n

Indian carmakers were struggling with low demand due to an economic slowdown and lack of liquidity through 2019, before the virus and a months-long lockdown dealt a further blow to Asia’s third-largest economy.<\/p>\n

But India’s economic prospects are now looking up, with both the International Monetary Fund and Prime Minister Narendra Modi’s government predicting double-digit growth in the 2021-22 financial year. <\/p>\n

With over 10.5 million coronavirus cases, the country of 1.3 billion people is the second worst-hit in the world. <\/p>\n

But reported new cases have fallen dramatically in recent weeks and authorities hope the economy will be boosted by a major vaccination drive that started this month.<\/p>\n

Tata Motors shares closed 1.6 percent lower in Mumbai ahead of the earnings announcement.\n <\/p>\n\n

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India’s Tata Motors posts major loss as lockdowns hit sales\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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