JLR Owner Tata Motors Beats Estimates on Strong Sales, Tax Gain [BNN Bloomberg (Canada)]
Tata Motors Ltd Tata Motors Limited (TTM)
US:NYSE Investor Relations:
tatamotors.com/investor/volumes
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Source: BNN Bloomberg
Net income surged 222% to 174.1 billion rupees ($2.1 billion) in the three months ended March 31, according to a stock exchange filing Friday. That beat the average analyst estimate of 66.74 billion rupees. The results were boosted by a 94.8 billion rupees deferred tax gain. Revenue was 1.19 trillion rupees, slightly below estimates. Jaguar Land Rover reported a pre-tax profit of £661 million ($828 million), up 80% from a year earlier. JLR expects a “modest” rise in its investment spend to £3.5 billion and aims to become net debt zero in the fiscal year 2025, according to the filing. Margins for earnings before interest and tax in the fiscal year 2025 will be at similar levels to the previous year. JLR generated free cashflow of £2.3 billion, helping reduce net debt to £0.7 billion. “The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational i
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