English News

  • youtube
  • facebook
  • twitter

Tata Motors records 67% jump in profit for Oct-Dec

Tata Motors posts profit

Tata Motors Ltd on Friday posted a 67.2% surge in profit for the December quarter, as the easing of coronavirus restrictions and the festive season helped to boost sales.

The festive season of Dushehra and Diwali which falls in this quarter normally bring in higher sales. Car sales have also gone up as more consumers are tuning to personal vehicles because of the COVID-19 pandemic.

“Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters,” Tata Motors Chief Executive Officer and Managing Director Guenter Butschek said.

Consolidated net profit came in at Rs 2,906 crore for the third quarter, compared with a profit of Rs 1,738 crore in the same quarter last year.

The company had reported a loss of Rs 314 crore in the previous quarter as the pandemic devastated business in several of its key markets.

Retail sales at luxury car unit Jaguar Land Rover (JLR ) which brings in most of the company’s revenue – were up 13.1% from a quarter ago, but still 9% lower than pre-pandemic levels.

Rival Maruti Suzuki India had clocked a 24% rise in quarterly profit on Thursday, but margins contracted due to rising costs.

Tata Motors also said last that it would hike prices of its passenger vehicles to deal with a rise in raw material costs.