Homegrown auto major Tata Motors today reported an almost three-fold increase in consolidated net profit to Rs 4,804.80 crore in Q3, driven by its British arm Jaguar Land Rover.
The company had posted a consolidated profit of Rs 1,627.5 crore in the same period of the previous financial year, Tata Motors said in a statement.
Net sales climbed 38.6 per cent to Rs 63,536.06 crore from Rs 45,821.31 crore.
JLR’s profit after tax during the period surged to 619 million pounds from 296 million pounds in the year-ago period. Revenue advanced 40 per cent to 5,328 million pounds from 3804 million pounds.
Wholesale sales volumes for JLR were up 22.7 per cent at 1,16,357 units, driven by models such as the Range Rover Sport, the new Range Rover and the Jaguar F-Type, along with the new XF and XJ variants, the company said.
On a standalone basis, Tata Motors posted a net profit of Rs 1,251.40 crore as compared to a net loss of Rs 458.49 crore in the same period a year earlier.
Standalone net revenue declined to Rs 7,769.67 crore as against Rs 10,630.09 crore.
The company said its sales volumes dropped 35.7 per cent to 1,32,087 units on a standalone basis.
Tata Motors shares rose 0.86 per cent to Rs 364 at the close on the BSE.
Tata Motors Q3 net profit up 195 pct to $770.53 mn on Jaguar Land Rover sales
(Reuters) Tata Motors, India’s biggest automaker by revenue, beat forecasts and posted on Monday a 195 per cent increase in third-quarter net profit which was boosted by strong demand for its luxury Jaguar Land Rover vehicles.
Tata Motors said consolidated net profit for the October-December quarter was 48.05 billion rupees ($770.53 million), compared to 16.3 billion rupees a year ago.
Analysts had expected an average profit of 33.89 billion rupees, according to Thomson Reuters I/B/E/S.
British luxury carmaker JLR, which Tata Motors bought in 2008, has been propping up profits at its parent for the past two years.
