Jaguar Land Rover profits double to 619 mn pounds in December quarter

Feb 11 2014, 01:49 IST
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Sales of the iconic brands during the third quarter rose 27 per cent year-on-year to 112,172 vehicles. Reuters Sales of the iconic brands during the third quarter rose 27 per cent year-on-year to 112,172 vehicles. Reuters
SummarySales of the iconic brands during the third quarter rose 27 per cent year-on-year to 112,172 vehicles...

Tata Motors-owned luxury car maker Jaguar Land Rover (JLR) today reported a doubling of profit at 619 million pounds for the last quarter of 2013.

The Britain-based company's profit was up from 296 million pounds for the same quarter in 2012.

Revenues expanded 40 per cent to 5,328 million pounds from 3,804 million pounds in the same quarter a year ago.

Sales of the iconic brands during the third quarter rose 27 per cent year-on-year to 112,172 vehicles, driven by the popularity of the Jaguar XJ and XF, and the Range Rover Sport.

"Our financial performance for this and the preceding quarters is a testament to the quality of Jaguar Land Rover's award-winning product offerings which continue to meet the exacting standards demanded by our customers around the world," JLR CEO Ralf Speth said today.

India's top vehicle group Tata Motors had acquired JLR in 2008 from Ford for around 1.15 billion pounds at the height of the global financial crisis. It has since then invested heavily in new models and research and overseen a major turnaround in the British luxury car maker's fortunes.

During 2013 as a whole, JLR sold a record 425,006 saloons and sports utility vehicles, with sales particularly strong in Brazil, China, India and the US.

The quarterly results come soon after the company's announcement that its flagship XJ saloon will become the third model to be built in India, following the Jaguar XF and LandRover Freelander.

JLR's results propelled the profits at parent firm Tata Motors, which jumped three-fold.

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