Tata-owned Jaguar Land Rover said first fiscal quarter revenue rose 57% year on year to GBP6.9bn.

Wholesale volume rose 30% to 93,253 vehicles.

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Profit before tax and exceptional items was GBP435m, up from a loss a year ago. EBIT margin was 8.6%, up from negative in Q1 2022.

Profit after tax was GBP323m, again up from a year-ago loss.

“Higher profitability year on year reflects favourable volume, mix, pricing and foreign exchange revaluation offset partially by higher inflation and supplier claims,” the automaker said in a statement.

JLR recently named temporary CEO Adrian Mardell as its permanent head while Richard Molyneux became chief financial officer.

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