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.
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.
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.
“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.
JLR sales were up 19.1 percent year on year in China,