Tata Motors Q3 result: Consolidated revenue up 22.5% to Rs 88,488 crore

Revenue of Tata Motors in Q3FY23 rose to Rs 15,693.14 crore from Rs 12,259.02 year-on-year (YoY), up 28 per cent, the company said in a BSE filing. The consolidated revenue came in at Rs 88,488 crore, up 22.5 per cent.

The total income in the December quarter of FY23 stood at Rs 15,967.16 crore, up 27.82 per cent from Rs 12,491.52 crore YoY.

The revenue for Jaguar Land Rover (JLR) in Q3FY23 came in at £6.0 billion, up 28 per cent as against Q3 FY22 and up 15 per cent vs Q2 FY23.

Adrian Mardell, Jaguar Land Rover’s Interim Chief Executive Officer, said, “JLR has returned to profit as chip shortages eased in the quarter and production and wholesales increased. These improved results are testament to the hard work and dedication of our people across the business who have delivered a further increase in production of our New Range Rover and Range Rover Sport models. We remain committed to our Reimagine strategy which will transform JLR into an all-electric modern luxury business, whilst delivering our SBTi climate goals and striving to exceed our clients’ expectations.”

Revenue from passenger vehicle segment was at Rs 11,671.12 crore against Rs 8,492.60 crore YoY, up 37.43 per cent.

Shailesh Chandra, Managing Director Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Limited said, “Q3 FY23 was one of the best quarters for the PV industry with strong retails from new launches, robust festive demand, and adequate supply of vehicles. Tata Motors posted its highest ever quarterly retails in Q3 FY23 and crossed the 50,000 units of monthly retail for the first time.

Wholesales of 131,297 units recorded in Q3 FY23 (+32.6 per cent vs Q3 FY22) resulted in the business comfortably crossing the distinctive landmark of 500,000 annual units to post wholesale of 526,798 units in CY22. EVs too posted their highest ever sales in Q3 FY23 at 12,596 units (+ 116.2 per cent vs Q3 FY22) and crossed the cumulative sales milestone of 50,000 units. Going forward, we remain vigilant about the evolving demand and supply situation and will stay nimble to take necessary actions swiftly whilst focusing on improving profitability further.”

In the commercial vehicle segment, the revenue for the quarter in question was at Rs 16,885.74 crore, up 22.5 per cent from Rs 13,785.60 crore.

Girish Wagh, Executive Director Tata Motors Ltd said, “In Q3 FY23, the CV industry witnessed a steady, overall demand. Our focus on creating ‘’Demand Pull’ from customers and sustained emphasis on retail in Q3 FY23 resulted in retail sales surpassing wholesale by 6.3 per cent, thereby enabling reduction in inventory as we transition towards BS VI phase-2 norms. Led by realization improvement, revenue growth was higher than volume growth. Realization improvement coupled with commodity softening and cost control resulted in improved margins.

Going forward, we will maintain our agility and keep a close watch on the evolving geopolitical, inflation and interest rate risks on both supply and demand. We will also continue to drive the business with strong customer connect, product and service innovations to improve customer affinity for our brands, step-up registration market shares sustainably, and improve realisations and profitability.”