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1 min read | Updated on February 02, 2024, 16:41 IST
SUMMARY
The automaker reported a more than two-fold increase in third-quarter profit on Friday, driven by strong sales in its British luxury car unit, Jaguar Land Rover (JLR).
Jaguar Land Rover, which is the luxury car unit of Tata Motors, posted robust sales in Q3.
Bengaluru, 2 February (Reuters): India's Tata Motors , the country's most valuable carmaker, reported a more than two-fold increase in third-quarter profit on Friday, smashing estimates, as it saw strong sales in its British luxury car unit, Jaguar Land Rover (JLR).
Consolidated net profit rose to ₹7,025 crore ($847.7 million) in the three months ended Dec. 31 from a year earlier. Analysts, on average, expected a profit of ₹4,451 crore per LSEG data.
Pricier and margin-boosting JLR cars account for roughly two-thirds of Tata Motors' revenue. The segment caters to an affluent global demographic that is largely unaffected by high inflation.
JLR sales rose 27% in the October to December period, the group said earlier this month.
This drove Tata Motors' total quarterly revenue 25% higher to 1.11 trillion rupees, beating analysts' expectations.
Its domestic market, however, was still wrought by sluggish demand, with total sales volumes rising a modest 3% for the quarter, per its monthly sales data. ($1 = ₹82.8760).
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