Tata Motors Q3 profit rises over two-fold

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).

(The story has been published from Reuters without any major changes)