Tata Motors posted a sharp 67 per cent year-on-year growth in net profit for the December quarter to Rs 2,906 crore. The company, which owns Jaguar Land Rover (JLR), returned to net profit after three consecutive quarters of loss. The bottomline was much higher than Bloomberg consensus estimates of Rs 1,173 crore and was led by strong operational performance both at the standalone and JLR businesses.
While volumes for JLR which accounts for 80 per cent of the consolidated revenues were down 9 per cent as compared to the year ago quarter, the China market stood out with a growth of 20 per cent. On a sequential basis however, there has been a significant turnaround with all markets posting volume growth, barring the UK.
At the standalone level, growth was led by the passenger vehicle segment where volumes improved 56 per cent over the year ago quarter. While commercial vehicles volumes were higher on a sequential basis they are still
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