Tata Motors said on Oct. 26 it more than doubled profits in its domestic market in the third quarter of the year, boosted by sales of its Nano vehicle and foreign brands.
Net profit in the three months to September reached 7.29 billion rupees (US$156 million) from 3.47 billion rupees a year earlier on increased sales and cost-savings.
Net sales rose about 13% to 79.24 billion rupees.
"Revival of industrial activity and improvement in liquidity coupled with introduction of new products and variants improved the companys sales in the domestic market," Tata said.
Sales of passenger vehicles in India, including British brands Jaguar and Land Rover, which Tata acquired last year, grew by 27.3% to 60,917 units. "The company commenced deliveries of Jaguar and Land Rover vehicles which have received an encouraging response from the market," it said.
The sales figure included sales of vehicles by Italian manufacturer Fiat, with which Tata has a joint venture for sales and distribution in India.
Tata also began its first deliveries of the Tata Nano, the world's cheapest passenger car, sending out 7,506 units from its plant at Uttarakhand in northern India.
The market share for Tata passenger vehicles in India for the period stood at 11.6%.
Copyright Agence France-Presse, 2009