Mumbai-headquartered passenger and commercial vehicle major Tata Motors has reported a consolidated net profit of Rs 2,957 crore for Q3 FY2023, which also marks its first quarterly profit after a span of two years.
The revenue for operations came at Rs 88,488 crore, up 22.5 percent compared to Rs 72,229 crore a year ago.
The company says it has benefited from improvement across its business.
Jaguar Land Rover delivered on its plans and achieved positive free cash flow and profitability in the quarter as supplies improved.
Tata CV revenues in Q3 FY23 grew by 22.5 percent versus Q3 FY22 at Rs 16,900 crore. The improvement was led by better mix, higher realisations, cost savings and softened commodity prices. The passenger vehicles business revenues were up 37 percent at Rs 11,700 crore, which reflected higher volumes and realisations.
Going forward, Tata Motors says it remains cautiously optimistic on the demand situation despite global uncertainties. “We will remain vigilant on demand and our continued focus on profitable growth, improving semiconductor supplies and stable commodity prices will aid revenue growth, margin improvement and positive cash delivery in Q4 FY2023,” the company said in a filing.