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ICICI Direct Report
Tata Motors Ltd. reported robust Q3 FY23 results.
Consolidated total operating income for the quarter came in at Rs 88,489 crore, up 11.2% QoQ. Reported Ebitda for Q3 FY23 was at Rs 12,280 crore with corresponding Ebitda margins at 13.9%, up 290 basis points QoQ.
Jaguar Land Rover wholesales at 92,345 units were up 2.7% QoQ with revenues up 13.2% QoQ at £6 billion. Margins at 11.9%.
Tata Motors' net revenues for Indian operations (commercial plus passenger vehicle) came in at Rs 28,557 crore amid ~6.3% sequential decline in total volumes to ~2.3 lakh units.
CV business reported Ebitda margins of 8.4% (up 340 bps QoQ) while the same in PV business was at 6.9% (up 150 bps QoQ).
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