- Saturday, May 27, 2023
The Mumbai-headquartered automaker posted a net profit of £525.65 million in the January-March quarter
By: Chandrashekar Bhat
India’s Tata Motors reported better-than-expected profits for the first three months of the year on Friday (12), boosted by a strong performance at its British subsidiary Jaguar Land Rover and sales in the domestic market.
The Mumbai-headquartered automaker posted a net profit of Rs 54.08 billion (£525.65 million), compared to a net loss of Rs 10.33 bn (£100m) in the same period last year.
It was its second straight profitable quarter, prompting the passenger and commercial vehicle maker to declare its first dividend in almost seven years – Rs 2 (1.9p) per share.
The January to March period is the fourth quarter of the company’s accounting year and its annual profits were Rs 24.14 bn (£230m), against a huge Rs 114.4 bn (£1.11 bn) loss the previous year.
“The year ended on a strong note with all automotive verticals delivering robust performances leading to multiple all-time high achievements,” Tata Motors’ chief financial officer PB Balaji said in a statement.
Jaguar Land Rover (JLR) saw revenues rise to £7.1 billion for the quarter, up 49 per cent year-on-year, on sales volumes 24 per cent higher.
Britain’s biggest carmaker said it expected “gradual improvements” in chip supplies to continue.
Revenues from Tata Motors’ commercial vehicle business rose by 14.6 per cent for the period, with passenger vehicle revenues up 15.3 per cent.
Shares in Tata Motors closed 0.78 per cent higher in Mumbai trading ahead of the earnings announcement.
(AFP)
