Tata MotorsJaguar Land Rover Automotive said third quarter revenue was up 22% year on year to GBP7.4bn.

Revenue for the nine months to 31 December 2023 rose 35% to a record GBP21.1bn.

Third quarter profit before tax and exceptional items (PBT) was GBP627m, up from GBP265m a year ago. EBIT margin was a positive 8.8% versus 3.7% a year ago.

JLR said the higher profitability year on year reflected favourable volume and reduced chip costs, offset partially by unfavourable fixed marketing, administration and FX revaluation compared to a year ago.

Profit after tax in the quarter was GBP592m compared to GBP261m a year ago.

The automaker said it was on track to achieve its profitability and cashflow targets.

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By GlobalData

The EBIT margin for FY24 was expected to be over 8%.