India News | Tata Motors Net Profit More Than Doubles to Rs 7,100 in Q3

Mumbai, Feb 2 (PTI) Tata Motors Ltd on Friday posted a 133.32 per cent rise in net profit to Rs 7,100 crore in the December quarter.

The company had posted a net profit of Rs 3,043 crore in the year-ago period, which was its first profit in two years.

Also Read | Lok Sabha Elections 2024: INDIA Alliance for 2024 Polls, Not for Assembly Elections in States, Says Congress MP Jairam Ramesh.

The consolidated revenue for the third quarter of the ongoing fiscal was up 25 per cent year-on-year to Rs 1,10,600 crore, the company said in a statement.

"We remain positive on all three auto businesses. We expect the performance to further improve in Q4 (March quarter) on account of seasonality, new launches and improving supplies at JLR," Tata Motors said in a statement.

Also Read | PM Narendra Modi To Launch Development Projects Worth Rs 68,000 Crore in Odisha, Rs 11,000 Crore in Assam Over Weekend.

"We achieved net debt reduction of Rs 9,500 crore in the December quarter and we are confident of achieving our deleveraging plans," it said.

"It is satisfying to see our businesses execute well on their differentiated strategies and deliver strong set of results for the quarter, thereby making it six quarters of consistent delivery," Tata Motors Group Chief Financial Officer P B Balaji said.

"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," Balaji said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)