Indian automotive giant Tata Motors Ltd reported a consolidated net profit of Rs 7,145.43 crore for the quarter ending December 31, 2023. The company disclosed in a regulatory filing that during this period, it achieved an operational revenue of Rs 110,577.14 crore, marking a notable increase from Q3FY23's Rs 88,488.59 crore. The net profit for Q3FY24 also demonstrated substantial growth compared to the same quarter in the previous fiscal year, reaching Rs 7,145.43 crore, up from Rs 3,043.15 crore in Q3FY23.
P.B. Balaji, Group Chief Financial Officer of Tata Motors, expressed satisfaction with the consistent execution of differentiated strategies by their businesses, leading to a strong set of results for six consecutive quarters. He stated, "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."
Tata Motors maintains a positive outlook on its three automotive businesses, including Jaguar and Land Rover (JLR), Tata Commercial Vehicles, and Tata Passenger Vehicles. The company anticipates improved performance in Q4, attributing it to seasonality, new product launches, and enhanced supplies at JLR. Additionally, Tata Motors successfully reduced net debt by Rs 9,500 crore in Q3, and it expresses confidence in achieving its deleveraging goals.
The robust financial performance and strategic outlook underscore Tata Motors' commitment to sustained growth and financial stability in the evolving automotive landscape.
(With Agency Inputs)
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