Tata Motors has booked a substantial rise in quarterly net profit of INR24.24bn ($530m) for the fiscal third quarter ended 31 December compared with INR6.5bn a year earlier.

Sales grew 22% to INR316.85bn. A Reuters poll had forecast net profit of INR21.86bn on net sales of INR298.6bn.

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Tata said its Jaguar Land Rover business “continued to show strong profitability” with unspecified “healthy” volumes in fiscal Q3, reporting net profit of GBP275m (INR19.58bn).

“Both wholesale and retail volumes improved favourably as compared to the corresponding quarter last year, on the back of improved market conditions and good response to the product portfolio,” it added.

Tata Daewoo Commercial Vehicles lost INR4.4bn due to lower volumes and cost pressures.

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Passenger vehicle sales, including Fiat and Jaguar and Land Rover vehicles distributed in India, grew 4.7% to 64,501 units.

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