Source: The Economic Times
MUMBAI: Tata Motors on Friday reported a 67.2 per cent year-on-year jump in its consolidated net profit to Rs. 2,906.45 crore for the quarter ended December, while its revenues rose 5.5 per cent to Rs. 75,653.8 crore. 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 and MD, Tata Motors. The company’s largest subsidiary, Jaguar Land Rover, reported a profit before tax of 439 million pounds sterling, up from 121 million pounds sterling reported in the year-ago quarter. More importantly, JLR record a positive free cash flow of 562 million pounds sterling, a record for the company in the December quarter.
“I am encouraged by the improved financial performance in this first full quarter as CEO of Jaguar Land Rover. This performance is a credit to the outstanding efforts of the employees,” said Thierry Bolloré, chief executive officer of JLR. 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 per cent. The Indian business posted an expansion of 570 basis points in the operating margin to 6.8 per cent, while JLR’s margins rose 560 bps to 15.8 per cent.
"Despite the continued pandemic-related uncertainties, supply bottlenecks and commodity inflation, we expect to consolidate our gains and end the fiscal year on a strong note,” the company said, striking an optimistic note on future prospects.
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