Tatas-owned Jaguar Land Rover (JLR) will this week unveil record annual profits exceeding 1 billion pounds, completing the luxury car maker's remarkable recovery from the depths of recession, media reported today.
JLR is forecast to declare 1.1 billion pounds profit for the year to March 31, compared with a gain of 32 million pounds last year and a 281 million pounds loss in the first 10 months after Tata took over, the 'Sunday Telegraph' reported.
The record profit comes just two years after the car maker sought government support and warned of a "national emergency" in the industry as sales tumbled.
According to the report, the turnaround has been driven by rapidly growing sales in emerging markets such as India and China where the cars are status symbols for the growing middle classes - and investment from Tata in new models such as the Range Rover Evoque.
A JLR source said the results will be "extremely good" and that the British car maker, which employs 17,000, is the "star" performer for Tata.
The results are expected to be presented as part of the company's annual results on Thursday.
The previous record profit for JLR is 300 million pounds the company made in 2007, the last year under Ford.
JLR made a net profit of 734 million pounds in the nine months to December 31 and sales have continued to grow since then, led by Land Rover.
In March, more Land Rovers were sold in the UK than any other month in the company's history.
Land Rover also secured record March sales in China and India, with sales up 33% and 61%, while Jaguar enjoyed its best month in India as well as a 70% rise in Russian sales and a 49% rise in Germany.
Overall, sales in March rose by 6% for JLR and 13% in the first quarter.
