NEW YORK ( TheStreet) -- Tata Motors (TTM), India's largest automaker by revenue, reported first quarter 2010 profit of 19.9 billion rupees ($430 million) as against a loss of 3.3 billion rupees ($71 million) in the prior year's quarter. Total revenues stood at 269 billion rupees ($5.8 billion), up 64% year-over-year.
Earnings were primarily driven by the Jaguar Land Rover (JLR) business which reported a profit before tax of 15.9 billion rupees ($345 million). Wholesale volumes for JLR increased 59% to 57,153 units from 35,947 units during the first quarter of 2009.
"Overall economic growth, robust IIP and availability of liquidity led to robust domestic demand during the quarter, resulting in volume growth comprising both new products and the existing portfolio," the company revealed in a press release.
In the domestic market, the company's commercial vehicles sales increased by 38.7% to 100,186 units primarily supported by medium and heavy commercial vehicles which grew by 62.4% year-on-year.The stock was up 2.3% at $20.52 in early of hours trading on the New York Stock Exchange. The stock is currently trading at a forward PE of 10.70. In comparison, Ford Motor Company (F - Get Report) is trading at a PE of 7.25. 52 Dividend Years of 54 Currently, Tata Motors offers a dividend yield of 2.3% paid out once a year in June. The company has history paying dividends in 52 years of 54 since 1956. During 2001 and 2002, company did not pay dividends due to net losses. Ford, which paid dividends since 1956, stopped paying dividends in 2006 as part of the company's restructuring efforts. Meanwhile, General Motors with a long history of dividends stopped paying dividends in 2008.