PUNE: Tata Motors, India’s biggest automaker by revenues, on Friday posted more than two-fold jump in its consolidated net profit at Rs 7,025 crore for the October-December quarter from Rs 2,958 crore year ago, helped by robust demand for passenger and commercial vehicles in India, sustained growth in Jaguar Land Rover models, easing raw material costs, price hikes and a superior product mix.
The Mumbai-based firm’s revenue jumped 25 per cent on-year to Rs 1,10,577 crore as against Rs 88,489 crore in the same period last year, Tata Motors said in an exchange filing.
Its earnings before interest, taxes, depreciation and amortization or EBITDA soared 42.5 per cent YoY to Rs 15,418 crore, and operating margin expanded by 171 basis points to 13.94 per cent.
Tata Motors’ total vehicle sales in the domestic and international market for Q3 FY2023-24 stood at 2,34,981 vehicles, higher than 2,28,169 units in the same quarter last year.
“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,” said PB Balaji, Group Chief Financial Officer at Tata Motors.
He said the company aimed at ending the year on a strong footing and remained confident of sustaining its performance in the coming quarters and delivering on its de-leveraging plans.
Domestic sales of MH&ICV in Q3 FY24 was 44,365 units, compared to 40,391 units in Q3 FY23. The domestic and international sales of MH&ICV in Q3 FY24 stood at 46,534 units vs 42,369 units in Q3 FY23.
In Q3FY24, Tata Motors recorded wholesales of 1,38,455 units of passenger vehicles (up 5 per cent vs Q3FY23).
The carmaker claimed that its volumes were up because it significantly strengthened its market position, reduced channel stock sharply and received an excellent market response to the new avatars of the Nexon, Harrier and Safari, launched during the quarter.
