Tata Motors turned profit of ₹2,960 crore in Q3
The Hindu
Company attributes profit to increasing demand for its products including those of Jaguar Land Rover (JLR)
Tata Motors Ltd. reported third-quarter consolidated net profit of ₹2,957.71 crore compared with a loss of ₹1,516.14 crore in the year-earlier period. The company attributed the profit to increasing demand for all its products including those of Jaguar Land Rover (JLR).
The company reported profit for the first time in two years, in the most recently ended quarter.
Total revenue from operations rose 22.5% to ₹88,488.59 crore.
JLR achieved positive free cash flow and profitability as supplies improved. Revenues were £6.0 billion, up 28% vs. Q3 FY22 and up 15% sequentially reflecting better supplies, strong model mix and pricing, Tata Motors said in a filing.
Profit before tax in the quarter was £265 million, up from a loss of £9 million a year earlier.
“The higher profitability reflects increased wholesale volumes with favourable mix, pricing and foreign exchange offset partially by higher inflation and supplier claims largely related to constrained volumes. Free cash flow was £490 million in Q3 FY22,” the company said.
Tata Commercial Vehicles revenue climbed 22.5% to ₹16,900 crore.
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