The Sunday Telegraph reported that TATA's owned Jaguar Land Rover will this week unveil record annual profits exceeding GBP 1 billion, completing the luxury car maker’s remarkable recovery from the depths of recession.

JLR is forecast to declare GBP 1.1 billion profit for the year to March 31st 2011 as compared with a gain of GBP 32 million last year and a GBP 281 million loss in the first 10 months after TATA took over.

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 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 the British car maker, which employs 17,000 people, is the star performer for TATA. The results are expected to be presented as part of the company’s annual results.

The previous record profit for JLR is GBP 300 million the company made in 2007, the last year under Ford. JLR made a net profit of GBP 734 million in the nine months to December 31st 2010 and sales have continued to grow since then, led by Land Rover.

In March 2011, 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.

(Sourced from The Sunday Telegraph)