Tata Motors on Thursday reported profits for the fourth consecutive quarter, riding on a strong performance from Jaguar Land Rover (JLR), but missed analyst estimates.

The auto major reported a consolidated net profit of Rs 3,764 crore against a loss of Rs 944.61 crore in the same period of the previous year.

Analysts were expecting the company to report a net profit of Rs 4,300 crore. However, revenue growth at 32 per cent beat estimates of 26 per cent growth.

Revenues came in at Rs 1,05,128 crore compared with Rs 79,611 crore in the corresponding period of the previous year.

It was JLR which led from the front: the UK arm reported revenues of £6,857 million, a rise of 30.4 per cent over £5,260 million in the year-ago quarter, while its profit before tax stood at £442 million compared with a loss before tax of £173 million last year.

JLR said performance improved because it could roll out more vehicles with the easing of supply constraints.

While the revenues were up 30 per cent over the previous year, it was flat compared with the preceding three months, on account of a planned summer shutdown.
The performance was also driven by a better mix and cost reduction.

The company also saw a free cash flow of £300 million in the second quarter and a record £751 million in the first half.

“We have delivered our best ever cashflow in the first half of this financial year and delivered another profitable quarter due to the strength of our financial performance,” Adrian Mardell, JLR chief executive Officer, said.

“These results demonstrate the huge desirability of our modern luxury product portfolio and the skill of our hard-working teams who have increased production to ensure we can satisfy the substantial demand for our cars more quickly,’’ Mardell said.

India show

On a standalone basis, revenues were at Rs 18,403.19 crore compared with Rs 14,850.97 crore a year ago. It posted a profit of Rs 1,270 crore against a loss of Rs 293 crore a year ago.

Revenues of the car division fell 3 per cent to Rs 12,200 crore from Rs 12,500 crore a year ago.

Volumes were lower 2.7 per cent at 1,39,000 units as the supplies of outgoing models were “proactively managed’’ to facilitate a smooth transition to their next generation versions.

“It was transition quarter for us as we proactively reduced our supplies of outgoing models to enable a smooth transition to their next gen avatars,” said Shailesh Chandra, managing director, Tata Motors Passenger Vehicles, said.

In the July-September period, domestic wholesale commercial vehicle volumes stood at 99,300 units, up 6 per cent year-on-year, Tata Motors said.