India's Tata Motors says profits up 57.5 percent

India's Tata Motors said Monday its quarterly profit surged 57.5 percent as cost cutting, income from the sale of part of its stake in Tata Steel and lower raw material prices made up for slumping sales.

Profits for the quarter that ended in June were 5.13 billion rupees ($106.7 million), up from 3.26 billion rupees ($67.7 million) the same quarter last year.

India's largest commercial vehicle maker said revenues for the quarter fell 7.6 percent to 64 billion rupees ($1.33 billion) from 69.3 billion rupees ($1.44 billion).

"The company's continued focus on cost efficiencies, coupled with reduction of raw material prices, inventory reduction and improvement in sales …