India’s passenger EV market will hot up in next 3-4 years
Currently Tata Motors held over two-thirds of the country's EV market, but Mahindra & Mahindra and BYD are emerging players in the Indian market.
Indian automobile major Tata Motors Ltd said on Friday that it logged a consolidated net profit of Rs 7,145.43 crore for the quarter ended December 31, 2023.
In a regulatory filing, Tata Motors said for the third quarter ended December 31, 2023, it had earned an operational revenue of Rs 110,577.14 crore (Q3FY23 Rs 88,488.59 crore) and a net profit of Rs 7,145.43 crore (Q3FY23 Rs 3,043.15 crore).
“It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. 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,” said P.B. Balaji, Group Chief Financial Officer, Tata Motors.
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The company remains positive on its three automotive businesses – Jaguar and Land Rover (JLR), Tata Commercial Vehicles, and Tata Passenger Vehicles.
“We expect the performance to further improve in Q4 on account of seasonality, new launches and improving supplies at JLR. We achieved net debt reduction of Rs 9.5,000 crore in Q3 and we are confident of achieving our deleveraging plans,” the company said in a statement.
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