The net profit of Tata Motors Ltd increased by 67.2 percent in the December quarter of the current financial year. With the reduction in coronavirus cases and the removal of government restrictions, the automobile market demand increased during the festive season, which also benefited the company. Tata Motors reported a profit of Rs 2906 crore in the December quarter on good sales.
Tata Motors, which owns a luxury car brand like Jaguar, reported a net profit of Rs 2906 crore in the third quarter of the current financial year. The company’s profit in the same quarter a year ago was Rs 1738 crore. Earlier in the September 2020 quarter, the company reported a loss of Rs 314 crore due to the Kovid-19 epidemic.
According to media reports, Guenter Buscheck, chief executive officer and managing director of TataMotors said, “The passenger vehicle business recorded the highest sales in the last 33 quarters due to good demand and preference for private vehicles in the festive season. ”
Jaguar Land Rover (JLR), the luxury car unit of the company, has been the highest-earning company. Its sales were up 13.1 percent over the September quarter but still 9 percent lower than before the Corona era.
Tata Motors said last week that it would increase the price of its vehicles to reduce the impact of raw material costs. Total revenue from operations increased 5.5 percent to Rs 75,654 crore from Rs 71,676 crore a year ago.