Jaguar Land Rover reports record profits for 2012

Big sales increase to China sees revenue also hit all-time high

A near-50% increase in sales to China helped Jaguar Land Roverproduce record profits of £1.7bn last year, the Midlands-based, Indian-owned carmaker revealed on Wednesday.

There was even 20% sales growth in austerity-hit Britain, helped by the launch of new luxury Range Rover and Jaguar models, that drove up revenues to £15.8bn – another record.

"The positive result for the financial year demonstrates that we have strong demand for our great, solid product portfolio all around the world," said chief executive Ralf Speth. "During this period, Jaguar Land Rover unveiled major new products: the all-new all aluminium Range Rover and the Jaguar Sportbrake, the AWD XF and AWD XJ, and the stunning F-Type."

The strong results – also aided by lower raw material costs and a depreciation of the pound against some key currencies – was a boost to its parent group, Tata Motors, at a difficult time for the wider business. Tata recorded a 37% slump in net income to 39.45bn rupees (£466m) in the last quarter of the company's financial year to 31 March.

Jaguar Land Rover reported record profits of £1.7bn last year.

Jaguar Land Rover sold more than 77,000 vehicles in China – up 48% – over the 12-month period, with 72,000 staying in Britain, while 80,000 (up 18%) went to Europe, making the group one of Britain's largest exporters by value.

The company has now started to build a manufacturing plant in the east of China in combination with local carmaker, Chery Automobile, to serve what is already Jaguar Land Rover's biggest single market and avoid a 25% import tax. JLR is also looking at building a factory in Saudi Arabia.

The Warwickshire-based business, bought for £1.5bn in 2008, now accounts for more than three quarters of Tata Motors' group revenues at a time when the parent has been hit in its domestic market, India, by high interest rates and slowing economic growth.

"We see the external environment and overall economic scenario very, very challenging and [it] will remain stressed," said C Ramakrishnan, Tata Motors' chief financial officer, adding that this would have an impact on demand for its products.

But the mood in Warwickshire is upbeat. Speth said: "Jaguar Land Rover invested significantly in the product creation process, in our advanced manufacturing sites and created more than 3,000 jobs. This commitment is set to continue with a sustained programme of investment which will see us spend in the region of £2.75bn on new product, people and infrastructure in the year to March 2014."

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Article source : http://www.guardian.co.uk