Tata Motors net profit more than doubles to INR 7,100 in Q3

Source :PTI | Tata Motors Ltd on Friday posted a 133.32 % rise in net profit to INR 7,100 crore in the December quarter. The company had posted a net profit of INR 3,043 crore in the year-ago period, which was its first profit in two years.

The consolidated revenue for the third quarter of the ongoing fiscal was up 25 % year-on-year to INR 1,10,600 crore, the company said in a statement.

“We remain positive on all three auto businesses. We expect the performance to further improve in Q4 (March quarter) on account of seasonality, new launches and improving supplies at JLR,” Tata Motors said in a statement.

“We achieved net debt reduction of INR 9,500 crore in the December quarter and we are confident of achieving our deleveraging plans,” it said.

“It is satisfying to see our businesses execute well on their differentiated strategies and deliver strong set of results for the quarter, thereby making it six quarters of consistent delivery,” Tata Motors Group Chief Financial Officer P B Balaji said.

“We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans,” Balaji said.