In contrast to a loss of Rs 1,004 crore during the same period last year, automaker Tata Motors Ltd (TML) reported a profit of Rs 3,783 crore for the quarter that ended in September 2023.
Compared to the March quarter’s Rs 3,089 crore, the net profit increased by 22.46%. Compared to Rs 78,846 crore during the same period last year, the company reported revenue of Rs 104,443 crore for the September quarter.
“It was a passenger vehicle transition quarter. As supplies of outgoing models were proactively managed to enable a seamless transition to their next generation versions, the PV volumes were at 139,000 units (-2.7 percent year-over-year), according to TML.
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Tata Motors Group Chief Financial Officer PB Balaji stated: “It is encouraging to see every business meet their well-differentiated goals for this quarter.” We are optimistic about maintaining this momentum because of our robust product pipeline, seasonally stronger H2, and ongoing focus on cash accretive growth.
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“It was a transition quarter for us as we proactively reduced our supplies of outgoing models to enable a smooth transition to their next gen avatars,” stated Shailesh Chandra, Managing Director of TMPV and TPEM. This, along with the fact that Q2 FY23 saw our highest-ever sales, led to us disclosing a 3.0% quarterly decline in revenue. During the quarter, the EV business reported robust sales growth of 55%.
