Mumbai, May 29: A strong performance by Jaguar Land Rover (JLR) and a tax credit have helped Tata Motors to double its profits.

The automobile company beat analysts estimates when it posted a 136 per cent growth in net profit for the fourth quarter ended March 31, 2012 at Rs 6,234 crore against Rs 2,637.52 crore in the same period last year.

The profit was much higher than the Rs 4,000 crore estimated by analysts and it came despite overall demand moderating in the domestic market because of economic slowdown and higher fuel prices. The strong performance during the quarter was, therefore, led by JLR.

C. Ramakrishnan, chief financial officer of Tata Motors, said the period saw JLR posting its highest ever volumes of 314,433 units, a growth of over 29 per cent.

He said the jump was backed by exciting products and a strong market mix. While the recently launched, all-new Range Rover Evoque has met with good response, China and other developing markets continued to grow strongly.

JLR posted net revenues of £13.51 billion in 2012, up nearly 37 per cent over the preceding year. Profit after tax rose to £1.48 billion against £1.03 billion last year.

JLR has decided to consolidate its two primary operating companies in the UK-Land Rover and Jaguar Cars Ltd as a single subsidiary. The company has earmarked a capex of £2 billion for this year, which will go into product development and its engine facility.

Responding to a query, Ramakrishnan said the gross debt at JLR now stands at £2 billion, but with cash & cash equivalents of £2.4 billion, the net debt is negative. Tata Motors’ consolidated gross debt is Rs 47,000 crore.

For the quarter, Tata Motors reported consolidated revenues of Rs 50,908 crore, a growth of 44.3 per cent over Rs 35,287 crore in the same period last year.

Meanwhile, Cyrus P. Mistry, deputy chairman of Tata Sons, was inducted on the board of Tata Motors as a director.