Jaguar Land Rover is continuing to boost profits for India's Tata Motors amid slowing economic growth in its home market.
Tata, India's largest car company by revenues, this week reported a 10.5 per cent increase in net profits to 20 billion (Dh1.35bn) Indian rupees in the second quarter of the financial year, between July and September.
Tata bought Jaguar Land Rover from Ford for US$2.3 billion (Dh8.44bn) in 2008.
The deal was met with some scepticism as it took place during the global financial crisis and was followed by plunging sales. Tata managed to turn the business around, however.
"They focused on the main products," said Umesh Karne, an analyst at Brics Securities. "They saw Jaguar was not doing much, but there was a very high scope in Land Rover.
"They priced it very well and they introduced new models like Evoque.
"They focused mainly on emerging markets like China and Russia, where they got very good growth, and they kept very good control of their costs."
Net revenues in the second quarter were up almost 20 per cent, said Tata, citing "growth in volumes and favourable market mix at Jaguar Land Rover".
The financial results, which were announced late on Wednesday, boosted Tata shares yesterday by more than 5 per cent, despite falling short of analysts' estimates because operating margins for Tata's India business decline amid the economic slowdown in its home market.
The growth in Jaguar Land Rover volumes "was driven by continued strong demand from China region ... and by sales of the Range Rover Evoque", it added.
Sales in China for Jaguar Land Rover represented 21.1 per cent of its sales for the quarter, compared with 16.3 per cent during the same period last year.
Jaguar Land Rover sales grew 13.9 per cent to 77,442 vehicles between July and September compared with the same period a year ago, according to the figures released by Tata. Of these sales, Jaguar volumes for the period reached 9,832 vehicles, while Land Rover was at 67,610 units. Tata said Jaguar Land Rover paid its first equity dividend, of £150 million (Dh880.5m), during the second quarter.
Still, economic weakness in Europe and the United Kingdom is having an impact on growth forecasts for the year, said Mr Karne.
Meanwhile, Tata's sales growth in India has been slower.
"The domestic market is not strong because India is facing the slowdown problem," said Mr Karne. "There is now very high competition in the Indian market. All the big names like GM, Ford, Volkswagen have come here and are very active."
Rising fuel price, interest rates, and the economic backdrop have prompted car makers in India to offer greater discounts, which are cutting into their profitability.
Tata said last month said it was seeking to improve its image following disappointing sales.
The company at the same time said it was eyeing the launch of a version of the Nano in the United States in three years.
The Nano is the world's cheapest car, at just 140,000 rupees in India.
Sales of the Nano have not met the company's initial expectations, with 215,000 of the cars sold since its debut in June 2009.
Projections were for sales of 20,000 of the cars every month.
business@thenational.ae
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Killing of Qassem Suleimani
COMPANY%20PROFILE
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Pros%20and%20cons%20of%20BNPL
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The%20Iron%20Claw
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Sean%20Durkin%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Zac%20Efron%2C%20Jeremy%20Allen%20White%2C%20Harris%20Dickinson%2C%20Maura%20Tierney%2C%20Holt%20McCallany%2C%20Lily%20James%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
PRESIDENTS CUP
Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:
02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland
THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
Killing of Qassem Suleimani
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
