Tata Motors posted a profit of Rs 3,783 crore for the quarter ended September 2023, compared to a loss of Rs 1,040 crore in the year-ago period.
Shares of Tata Motors (TML) rose more than 4% on Friday after the auto giant posted its fourth consecutive quarter of net profit, driven by strong sales of Jaguar Land Rover.
At the time of writing, Tata Motors’ share price was trading 2.58% higher at Rs 653.25 on the BSE. In intraday trading, the stock rose 4.4% to hit a high of Rs 665.45.
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Tata Motors posted a profit of Rs 3,783 crore for the quarter ended September 2023, compared to a loss of Rs 1,040 crore in the year-ago period. The auto major’s net profit rose 22.46% from Rs 3,089 crore in the March quarter.
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The company’s second quarter sales were Rs 1,04,443 million, compared to Rs 78,846 million in the same period last year.
Tata Motors said in a statement, “The quarter was a transitional period for passenger vehicles. PV sales volume was 139,000 units as the supply of older models was actively managed to facilitate a smooth transition to next-generation versions. (-2.7% compared to the previous year).”
Jaguar Land Rover, a subsidiary of TML, recorded revenue of £6.9bn in the second quarter and record profits of £13.8bn in the first half. This was up 30% and 42% year-on-year (y-o-y) due to wholesale growth and mix improvement, respectively. , investments in cost reduction and demand generation.
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Date first published: March 11, 2023 10:39 IST