Ratan Tata has chaired the annual general meeting of his group firm, Tata Motors for the last time before he retires as the chairman of Tata Sons this year.

Mr. Tata will pass on the chairmanship to Cyrus Mistry, who is an engineer and MBA from UK, said Mr. Tata. He also thanked the company shareholders for their support and backing for him and now he wants them to provide similar support to Mr. Mistry.

“I believe he has all the qualities and the values that we require to make the group continue in the direction it has done all these years. Cyrus will need the support and encouragement you all have given to him at various companies and I hope he will have the support I have got from you,” Tata said.

India’s leading automaker has recorded an increase of 12 per cent in net profit to Rs 2,245 crore during the first quarter of the current financial year, mainly due to sales by its Jaguar Land Rover (JLR) unit.

The 12 per cent growth from the same quarter in the previous financial year is below what was expected in the market. The company’s standalone profits were affected by a slowdown in the auto sector. The revenue of the firm rose 30 per cent to Rs 43,324 crore during the quarter.