Tata Motors Q3 results: Profit rises over 2-fold on strong JLR sales
Its domestic market, however, was still wrought by sluggish demand, with total sales volumes rising a modest 3% for the quarter, per its monthly sales data
Tata Motors , the country’s most valuable carmaker, reported a more than two-fold increase in third-quarter profit on Friday, smashing estimates, as it saw strong sales in its British luxury car unit, Jaguar Land Rover (JLR).
Consolidated net profit rose to Rs 7,025 crore ($847.7 million) in the three months ended Dec. 31 from a year earlier.
Analysts, on average, expected a profit of Rs 4,451 crore as per LSEG data.
Pricier and margin-boosting JLR cars account for roughly two-thirds of Tata Motors’ revenue. The segment caters to an affluent global demographic that is largely unaffected by high inflation.
JLR sales rose 27% in the October to December period, the group said earlier this month.
This drove Tata Motors’ total quarterly revenue 25% higher to Rs 1.11 Lakh crore, beating analysts’ expectations.
Its domestic market, however, was still wrought by sluggish demand, with total sales volumes rising a modest 3% for the quarter, per its monthly sales data.
First Published: Feb 02 2024 | 4:43 PM IST