Home-grown automaker Tata Motors has released the company's financial results for the third quarter of Financial Year 2020-21. In the quarter, which ended on December 31, 2020, the company registered a consolidated net profit of ₹ 2,906 crore, witnessing a 67 per cent growth compared to ₹ 1,738.30 crore profit the company registered in the same period, in the previous fiscal year. Between October and December 2020, the company's net revenue stood at ₹ 75,654 crore, a decent 5.5 per cent growth compared to ₹ 71,676 crore revenue the company generated in between the same months in 2019.
Hoping to end the current fiscal year on a positive note, Tata Motors said, "Despite continued pandemic related uncertainties, supply bottlenecks and commodity inflation, we expect to consolidate our gains and end the fiscal year on a strong note. We remain committed to consistent, competitive, cash accretive growth and deleverage the business through the focused execution of our strategy in all our businesses,"
Tata Motors-owned Jaguar Land Rover (JLR) reported a profit before tax (PBT) of GBP 439 million ( ₹ 4390 crore) in Q3 FY21, a massive 263 per cent growth compared the GBP 121 million ( ₹ 1210 crore) the company registered in the same period last fiscal year. The company's revenue for the quarter ending on December 31, 2020, stood at GBP 6 billion ( ₹ 60,000 crore), which is a massive 275 per cent growth compared to the second quarter of FY2021, however, JLR says it's still lower than the pre-COVID period of Q3 FY20. JLR has reported a positive free cash flow of GBP 562 million ( ₹ 5620 crore) in the recently ended quarter.
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Guenter Butschek, CEO and MD at Tata Motors said, "The auto industry witnessed a strong sales momentum in Q3FY21, driven by the pent-up demand and a steady recovery of the economy. We could leverage the improved demand by a consistent ramp-up of production, addressing supply chain bottlenecks. Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in the last 33 quarters. In the CV business, the M&HCV and ILCV segments led the overall CV growth of over 48 per cent higher domestic sales compared to the previous quarter."
In the quarter that ended on December 31, 2020, Tata Motors Group's global wholesales stood at 2,78,915 units (including Jaguar Land Rover), registering a marginal 1 per cent growth as compared to what the company sold during the October-December period in 2019. Out of this passenger car wholesales stood at 1,88,550 units, witnessing a growth of 4 per cent compared to Q3 FY2020. At the same time, the Group's global wholesales from commercial vehicles, including, the Tata Daewoo range in Q3 FY21 were at 90,365 units.