Indian carmaker Tata Motors yesterday reported a 42 percent rise in quarterly profits, buoyed by a one-time gain from changes it made to pension plans at British unit Jaguar Land Rover.
Consolidated net profit for the three months through June rose to Indian rupees (Rs) 31.82bn ($498.73m) compared with Rs22.36bn a year earlier, the Mumbai-based company said in a statement. Tata Motors said it benefited from changes it made to Jaguar Land Rover’s pension plans which gave it a one-time gain of Rs36.09bn. Revenue fell about 10 percent to Rs599.72.
