Team Blitz India
NEW DELHI: Tata Motors Limited (TML) has posted an increase in net profit of 22.46 per cent in the second quarter of 2023. The automobile major Tata Motors Ltd. (TML) made a profit of Rs 3,783 crore for the quarter ended September 2023, as against a loss of Rs 1,004 crore in the same period a year ago.
“It was a transition quarter for passenger vehicles. The passenger vehicle volumes were at 139,000 units (-2.7 per cent year-on-year) as supplies of outgoing models were proactively managed to facilitate a smooth transition to their next generation versions. Second quarter this year saw our highest ever sales, and the electric vehicle business posted strong sales growth of 55 per cent during the quarter,” TML said.
The company posted a revenue of Rs 104,443 crore for the September quarter, up from Rs 78,846 crore in the same period last year. PB Balaji, Group Chief Financial Officer, Tata Motors, said: “It is pleasing to see all the businesses deliver on their well-differentiated plans this quarter.
With a strong product pipeline, a seasonally stronger H2, and continued focus on cash accretive growth, we are confident of sustaining this momentum.” Concerted actions are underway to step up our competitive growth in the SCV segment. Going forward, improvements in consumption, the onset of the festive season, and range-bound inflation are further likely to spur this growth.