Top Indian truck maker Tata Motors on Friday reported a 17% rise in quarterly net profit, helped by higher sales and stable costs of raw materials like steel.
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According to Reuters, the New York-listed company , which has about 60% of India’s $5bn truck and bus market, said net profit rose to 4.58bn rupees ($US100.7m) in the fiscal fourth quarter to March from 3.9bn reported a year earlier.
The result was lower than a Reuters poll forecast of 5.03bn rupees, mainly due to high product development costs.
Tata Motors, also India’s third-biggest car maker after Maruti Udyog and Hyundai, sold 148,159 vehicles in Jan-March, up 23% from a year ago.
In January, Tata Motors and Italy’s Fiat agreed to share dealer networks in India and abroad and explore more areas, the news agency noted.
A tax cut on small cars in February is expected to boost sales of rivals Maruti and Hyundai, besides Tata Motors’ Indica hatchback. Tata Motors cut prices of Indica models by up to $532.
