Tata Motors, the country's most valuable carmaker, reported a more than two-fold increase in third-quarter profit on Friday, driven by strong sales in its British luxury car unit, Jaguar Land Rover (JLR).
Tata Motors announced its October-December quarter results for fiscal 2023-24 (Q3FY24), reporting a surge of 137.5 percent in consolidated net profit at Rs 7,025.11 crore, compared to Rs 2,958 crore in the year-ago period.
“It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans,'' said PB Balaji, Group Chief Financial Officer, Tata Motors.
Profit before tax climbed to Rs 7,493 crore in the third quarter of this fiscal as compared to Rs 3202 crore in the corresponding period in the previous fiscal.
Tata Motors' total revenue rose 25% to Rs 1,10,577 crore in Q3FY24 as against Rs 88,488 crore in the corresponding period of the preceding fiscal.