PUNE: The parent company of Jaguar Land Rover (JLR) on Wednesday posted its first quarterly profit in two years on rising demand for passenger cars as well as medium and heavy commercial vehicles.
The Mumbai-headquartered firm reported a consolidated net profit of Rs 2,957.71 crore for the third quarter, against a loss of Rs 1,516.14 crore in the same quarter last year.
Its consolidated revenue from operations rose 23 per cent at Rs 88,488.59 crore, up from Rs 72,229.29 crore from the year-ago period.
The auto major's consolidated operating profit, calculated as earnings before interest, taxes, depreciation and amortization or EBITDA, surged 11 per cent YoY to Rs 9,900 crore and the margin improved 90 basis points to 11.1 per cent.
For the third quarter, JLR's revenue came in at £6.0 billion, up 28 per cent as against Q3FY22 reflecting better supplies, strong model mix and pricing.
Meanwhile, earnings before interest and tax (EBIT) margin expanded a sharp 230 bps on-year to 3.7 per cent. EBITDA margin, however, dipped 10 bps to 11.9 per cent.
The higher profitability reflects increased wholesale volumes with favourable mix, pricing and foreign exchange offset partially by higher inflation and supplier claims largely related to constrained volumes, the company said.
The revenue of Tata Commercial Vehicles in the third quarter were up 22.5 per cent as against Q3FY22 at Rs 16.9k crore.
Tata Passenger Vehicles revenue were up 37 per cent as compared to Q3FY22 at Rs 11.7K crore reflecting higher volumes and realizations.
“We remain cautiously optimistic on the demand situation despite global uncertainties,” the company said in a regulatory filing.
“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 FY23," it added.
