Tata Motors Q3 net more than doubles to Rs 7,145 crore

11 months ago 14

MUMBAI: Smashing street estimates,

Tata Motors

’s Q3FY24 profit more than doubled to Rs 7,145 crore, benefiting from the strength of its UK luxury car business,

Jaguar Land Rover

(JLR). It had posted a profit of Rs 3,043 crore in the year-ago period, which was the company’s first profit in two years.
Revenue

totalled over Rs 1.09 lakh crore, up 25%.
Operating profit

, a yardstick for underlying business performance, increased about 150% to Rs 8,334 crore.

Expenses climbed 21% to Rs 1.04 lakh crore, Tata Motors said Friday. This week, the company’s

market cap

surpassed that of

Maruti Suzuki

, making it India’s most valuable

automobile

player.
Operating profit of JLR zoomed 156% to Rs 6,881 crore on account of higher realisations, favourable volumes and reduced chip costs. Operating profit of non-JLR vehicles or Tata and other brands of passenger cars increased 44% to Rs 278 crore in Q3FY24, while that of Tata commercial vehicles rose 66% to Rs 1,751 crore.

Tata Motors’s management expects its Q4FY24 performance to better on account of new launches and improving supplies at JLR. The company’s net automotive

debt

at the end of Dec 31, 2023 stood at Rs 29,200 crore.

Article From: timesofindia.indiatimes.com

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