JLR parent Tata Motors has begun assembling the Freelander near Pune, India

JLR parent Tata Motors has begun assembling the Freelander near Pune, India

Champagne corks should be popping just about now at Jaguar Land Rover HQ after Tata Motors’ annual results for fiscal 2010-11 included, to quote the statement: "strong profitability, with healthy volumes..., net revenue of GBP9,906m ($US16,169m) and a profit after tax of GBP1,043m ($1,702m)".

JLR unit volumes rose 26% to 243,621 versus 193,982 in the previous fiscal year, due to "improved market conditions, better market mix with strong growth in China, continued strong response to product introduction including the [redesigned] XJ and Land Rover models and favourable exchange rates".

The announcement coincided with completion of the first Indian-assembled Freelander 2 at a Tata plant on the outskirts of Pune, with Jaguars scheduled to follow later.

JLR earlier this month completed the issue of seven- and 10-year bonds totalling GBP 1bn.

The Tata Motors group itself saw global sales grow 24.2% to pass 1m mark in fiscal 2010-11 with revenue up 33.1% to INR123,133 crores [123 trillion, $26.9bn; GBP16.5bn] and pre-tax profit up 196.3% to INR10.4trillion.

Global wholesale unit volume, including Jaguar Land Rover, rose 24.2% to 1,080,994 units with commercial vehicles accounting for 512,731 and passenger vehicles 568,263.

After-tax profit was INR9,274 crores [INR92.7bn; $2.04bn;GBP1.25bn), up from INR25.7 crores the previous year.

Tata Motors’ sales (including exports) of commercial and passenger vehicles rose 25.2% to 836,629 units.