Auto maker Tata Motors reported a nearly three-fold rise in quarterly profit on Thursday, beating estimates, with Jaguar Land Rover business clocking higher sales. Net profit for the quarter ended September 30 came in at Rs 2,502 crore against Rs 848 crore a year ago. Analysts on average expected a net profit of Rs 1499 crore, according to Thomson Reuters data.
The firm said strong customer demand for Range Rover Velar and other new models led to higher sales and higher profitability. Consolidated revenue (net of excise) stood at Rs 70,156 crore in Q2FY18 as against Rs 63,577 crore for the corresponding quarter last year. Income from operations for the quarter rose about 9 percent to Rs 70156 crore.
Guenter Butschek, MD & CEO Tata Motors, said, "After a challenging first quarter, Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives. With our turnaround plan in full action, we are seeing encouraging results and we will continue to drive sustainable profitable growth to meet our future aspirations."
The sales (including exports) of commercial and passenger vehicles stood at 152,979 units in Q2FY18, a growth of 13.8%, as compared to Q2FY17, with an impressive growth across segments - 28% in MHCV, 35% in ILCV, 38% in SCV and pick-ups.
The passenger vehicles rose 14.4% against the corresponding quarter last year. The revenues (net of excise) for Q2FY18 stood at Rs 13,400 crore, as compared to Rs 10,311 crore for the corresponding quarter last year, a growth of 30%.
Operating profit (EBITDA) for Q2FY18 was Rs 971 crore against Rs 336 crore for Q2FY17, a growth of 189%, with operating margin for Q2FY18 at 7.2%. Loss before and after tax for the quarter was at Rs 266 crores and Rs 295 crore, against loss before and after tax of Rs 609 crores and Rs 631 crores, respectively, for the corresponding quarter last year. The Tata Motors stock closed 0.36 percent or 1.60 percent higher at 440 level on the BSE.
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