Jaguar Land Rover, owned by the Tata Motors Group, will soon unveil their annual profits which have exceeded 1bn pounds, which is a sign of the company’s recovery after it suffered heavy losses during the recession.
The company will forecast a profit of 1bn pounds for the fiscal year ended March 31, in comparision to the 32mn pounds gained last year, with a loss of 281mn pounds in more than the first three quarters of the year since the Tata Co. took over.
This record breaking profit comes after just two years, since the manufacturer had sought support from the government, warning of the ‘national emergency’ as the sales in the industry began to take a fall.
According to reports, this turnaround is a result of the brand’s increasing sales in the emerging markets like China and India, where vehicles are gaining a status symbol among the burgeoning middle class, as well as because of Tata’s investment in models like the Evoque from Range Rover.
A source from the company said that results will be very good, saying that this British car manufacturer, employing 17,000 people is the company’s star performer. These results will probably be presented during the annual results of the company, this Thursday.
The last record profit of the company was around 300mn pounds, which the company recorded in the year 2007, which was the last year JLR was under Ford’s ownership. The company recorded 734mn pounds of net profit in nine months leading to 2010-end, and since then the sales of the company have continued to grow, led by the Land Rover brand.
The highest number of Land Rovers was sold in the month of March in UK, compared to any period in the history of the company. The company also achieved record sales in March in both India and China, with a sales increase of 61% and 31% respectively, while Jaguar achieved its best sales in India for the month, a 49% increase in Germany and a 70% increase in Russia. The company’s overall sales increased by 6% in March, and increased by 13% in the first quarter.