Automobile major Tata Motors on Thursday reported a surge of 195.04 per cent in its consolidated profit after tax for the second quarter (Q2) ended September 30 to Rs 2,502 crore.
The company reported an almost three-fold jump in its net profit during the second quarter as against Rs 848 crore reported during the corresponding quarter last fiscal.
"With Q1 performance below expectations, Tata Motors witnessed a month-on-month (m-o-m) growth in sales and market share in Q2 outperforming the industry and reaching highest sales in September 2017 in PV (passenger vehicles) since November 2012 and in CV (commercial vehicles) since June 2014," the company said in a filing to the BSE.
The company's consolidated revenue (net of excise) rose by 10.35 per cent to Rs 70,156 crore in Q2 FY18 as against Rs 63,577 crore for the like period of last year.
According to the company, the CV business market share grew by 1.7 per cent (year-on-year) and 3.9 per cent (quarter-on-quarter) on the back of newly launched products, increased acceptance of SCR (selective catalytic reduction) technology, improved stakeholders' engagement and aggressive market activation, well complemented at back end by steep ramp-up of production.
"Positive market sentiments post the GST regime, government funding in infrastructure development and restrictions on overloading with a higher demand of high tonnage vehicles contributed to the growth story," it said in the BSE filing.
In PV business, new products like Tiago, Tigor and Hexa continued to drive sales momentum, said the automobile major.
"After a challenging first quarter, Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives," said Guenter Butschek, Managing Director and Chief Executive of Tata Motors.
"With our turnaround plan in full action, we are seeing encouraging results and we will continue to drive sustainable profitable growth to meet our future aspirations."
The company's scrip on the BSE closed higher by 0.36 per cent at Rs 440.30 per share.
--IANS
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