INDIA’S Tata Motors on Tuesday (25) reported its third-straight quarter of profits, on the back of a strong showing by its British luxury subsidiary Jaguar Land Rover.
The Mumbai-headquartered automaker posted a net profit of Rs 32.03 billion (£303 million) for the three months to June 30, after recording a net loss of Rs 50.07 bn (£473.7m) for the same period last year.
The results for the first reporting quarter of the 2023-24 financial calendar were slightly above analysts’ expectations.
“FY24 has begun on the right note with all automotive verticals delivering strong performances,” chief financial officer PB Balaji said in a statement.
“We remain confident of sustaining this momentum in the rest of the year.”
The passenger and commercial vehicle maker had returned to profit in the last three months of 2022 as it recovered from chip shortages and the impact of the Covid-19 pandemic.
Total revenue from operations reached Rs 1.02 trillion (£9.67 bn) for the April to June period, a 42 per cent jump from the previous corresponding quarter.
Driving the performance was Jaguar Land Rover (JLR), which reported revenues of £6.9 bn, up 57 per cent year-on-year, boosted by a 29 per cent increase in retail sales.
The division added that parent company Tata Group’s plans to build a £4-bn gigafactory in Britain would provide a “stable and secure supply of battery cells to electrify JLR’s next generation modern luxury vehicles”.
Revenues for Tata Motors’ commercial vehicle business rose by 4.4 per cent year-on-year and by 11.1 per cent for its passenger vehicles arm.
(AFP)
