Tata Motors posts third-quarter profit above estimates

FILE PHOTO: A Tata Tigor car is pictured at the assembly line inside the Tata Motors car plant in Sanand, on the outskirts of Ahmedabad, India, August 7, 2018. REUTERS/Amit Dave

India’s Tata Motors Ltd on Thursday beat market expectation for quarterly profit, as sales for the maker of British luxury car brand Jaguar and Land Rover rose in China and it kept a tight lid on costs.

The carmaker reported a net profit of 17.38 billion rupees ($244.55 million) in the third quarter ended Dec. 31 compared with a loss of 269.93 billion rupees a year earlier, when it booked an impairment charge related to British luxury car unit.

Tata Motors had last year mapped a revival plan for its luxury car unit and JLR had decided to cut around 10% of its workforce. That came after its sales took a hit from a trend to move away from diesel cars towards cleaner fuels in China and Britain.

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