Tata Motors reported its highest-ever quarterly revenue of Rs 1.06 lakh crore on Friday and has now become the second private company after Mukesh Ambani’s Reliance Industries to cross the Rs 1 lakh crore revenue mark. Tata Motors succeeded in crossing the milestone due to strong India demand and better supplies at its Jaguar Land Rover (JLR) unit. It is to be noted that Tata Motors is the first company of Tata Group to cross the Rs 1 lakh crore revenue mark. Iconic businessman Ratan Tata was the chairman of Tata Group for a long period.
There are only seven Indian firms that have quarterly revenues of over Rs 1 lakh crore in listed space. Five out of these seven companies are state-owned, including Indian Oil Corporation, LIC, ONGC, BPCL, and HPCL.
Tata Motors reported a net profit of Rs 2,414 crore against a net loss of Rs 11,441 crore for the full 2022-23 fiscal. The revenue of Tata Motors increased 24.2 percent in FY23 to Rs 3.5 lakh crore.
“The year ended on a strong note with all automotive verticals delivering robust performances leading to multiple all-time high achievements. The distinct strategy employed by each business is delivering, in unison, leading to a sharp improvement in overall results. We remain confident on growth with cash flow generation, to achieve our stated goals,” said PB Balaji, Group Chief Financial Officer, Tata Motors.