MUMBAI: Auto giant Tata Motors on Friday reported a 222 per cent jump in its consolidated net profit at Rs 17,407.18 crore for the Jan-March quarter of 2023-24 on the back of robust sales at UK subsidiary Jaguar Land Rover.
Jaguar Land Rover which produces the famous Ranger Rover and top-selling Defender SUVs accounts for over 60 per cent of the consolidated revenue of Tata Motors.
The company’s revenue from operations increased 13 per cent to Rs 1,19,986.31 crore for the quarter under review from Rs 105,932.35 crore a year ago.
The Tata Motors board of direct directors recommended a final dividend of Rs 6 per Ordinary Share and Rs 6.20 per ‘A’ Ordinary Share for the financial year ending March 31, 2024.
PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows.
“The India business is now debt-free, and we are on track to become net automotive debt-free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years.”