Tata Motors on Friday reported a 67.2% YoY jump in its consolidated net profit to Rs 2,906.45 crore for the quarter ended December, while its revenues rose 5.5% to Rs 75,653.8 crore.
Tata Motors, which owns Jaguar Land Rover (JLR), reported a consolidated net profit of ₹2,906 crores for the third quarter, compared with a profit of ₹1,738 crores a year earlier.
Analysts had expected the company to report a net profit of Rs 2,362.1 crore on net revenues of Rs 80,833.3 crore.
“The auto industry witnessed a strong sales momentum in Q3FY21, driven by the pent-up demand and a steady recovery of the economy,” said Guenter Butschek, CEO, Tata Motors.
The luxury carmaker had reported a loss of ₹314 crores in the previous quarter as the COVID-19 pandemic hit business in several of its key markets. “Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters,” said Butschek.
Tata Motors last week said it would hike prices of its passenger vehicles to deal with a rise in raw material costs. Total revenue from operations rose 5.5% to ₹75,654 crores from ₹71,676 crores a year ago.
Tata Motors showed an impressive operating performance in the reported quarter as its consolidated operating margin expanded 540 basis points on year to 14.8%. The Indian business posted an expansion of 570 basis points in the operating margin to 6.8%, while JLR’s margins rose 560 bps to 15.8%.