London, Aug 11 (ANI): The rising global demand for cars coming out of the Birmingham-based Jaguar Land Rover (JLR) division is helping Indian owner Tata Motors back into profit.
According to The Independent, Tata Motors has earned net profits of 19.9 billionn rupees (272 million dollars) for the three months to the end of June, compared with a loss of 3.3 billion rupees in the same period last year. Currently, the revenues have shot up by 64 per cent to 271billion rupees.
JLR division is playing a key role in the parent company's recovery, as demand for luxury brands returns on growing global economic confidence.
In 2008, Tata Motors bought JLR for 1.5 billion dollars, and in the first ten months after the takeover, the Birmingham-based luxury car maker produced 167,000 vehicles and recorded 280 million dollars in losses.
However, JLR's net income for the quarter to the end of June came in at 221 million dollars, a significant turnaround from last year's 64 million dollar loss. Sales topped 57,000 vehicles compared with less than 40,000 last year.
Land Rover sales grew by a healthy 26 per cent in Europe and by 54 per cent in the UK over the year to the end of July. (ANI)