The home-grown automaker, Tata Motors, has released its financial results for the third quarter of the Financial Year 2022-23. For the quarter that ended on December 31, 2022, the company reported a consolidated net profit of Rs. 2,957.71 crore, as against the Rs. 1,516.14 crore loss the company registered during the same October-December period in FY2022. This is the first time that Tata Motors posted a quarterly profit in the last two years.
In Q3 FY2023, Tata Motors’ total revenue from operations also stood at Rs. 88,488.59 crore, witnessing a 22.5 per cent growth compared to Rs. 72,229.29 crore registered during the same quarter in FY2022.
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At the same time, Tata Motors’ standalone for Q3 FY2023 net profit stood at Rs. 506.19 crore, a growth of nearly 3X compared to the Rs. 175.85 crore profit reported during the same quarter in FY2022. The company’s standalone revenue at the same time stood at Rs. 15,793.98 crore, a 28 per cent growth compared to Rs. 12,352.78 crore revenue generated during Q3 FY2022.
As for Tata Motors-owned luxury brand Jaguar Land Rover, during the Oct-Dec 2022 period, the company reported a total revenue of £6.0 billion or Rs. 60,264 crore, a growth of 28 per cent compared to Q3 FY2022. The company’s profit before tax (PBT) for the period was £265 million or Rs. 2,662 crore, up from a loss of £9 million or Rs. 90.40 crore a year ago with a positive EBIT margin of 3.7 per cent, up from 1.4 per cent in Q3 FY22.
Adrian Mardell, Jaguar Land Rover’s Interim Chief Executive Officer, said, “JLR has returned to profit as chip shortages eased in the quarter and production and wholesales increased. These improved results are a testament to the hard work and dedication of our people across the business who have delivered a further increase in production of our New Range Rover and Range Rover Sport models.”
Shailesh Chandra, Managing Director Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Limited said: “Q3 FY23 was one of the best quarters for the PV industry with strong retail from new launches, robust festive demand, and adequate supply of vehicles. Tata Motors posted its highest ever quarterly retails in Q3 FY23 and crossed the 50,000 units of monthly retail for the first time.”
Tata Motors’ PV business continued its strong momentum in Q3 FY23. Wholesales grew 33 per cent YoY to 1,32,300 vehicles driven by strong demand for Nexon, Nexon EV, Punch, Tiago and Tigor CNG. Retail grew 27 per cent YoY, as the business witnessed the highest ever retail sales of 1,39,000 units.
