JLR records 1.1 b profit in fiscal 2011

JLR is forecast to declare £1.1 billion profit for the year to March 31, compared with a gain of £32 million last year and a £281 million 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 persons, is the “star” performer for Tata.