Tata Motors (NYSE:TTM) announced that first quarter profits increased by 12 percent, mainly due to a sales jump at its Jaguar Land Rover subsidiary that offset lower profits in its domestic business. Net profit was 22.45 billion rupees, or $406 million and revenue was 433.2 billion rupees, about 30 percent higher than the same period last year. Analysts expected a profit of 27.61 billion rupees on revenue of 429.4 billion rupees.
Shares are lower in early trading.
Last week, Japanese rival Toyota (NYSE:TM) announced that sales increased by 60 percent and quarterly vehicle sales nearly doubled, while American rival General Motors (NYSE:GM) announced that earnings fell sharply due to "headwinds" in Europe, though still beat estimates.
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