This company of Tata records revenue Rs 414997 crore, became first…
The 12-month revenue of Tata Motors, owned by the Tata Group, crosses the $50 billion (roughly Rs 414997 crore) threshold for the first time.
The Tata Group is renowned for setting records; this time, the group's subsidiary, Tata Motors, hits revenue of Rs 414997 crore, or $50 billion, according to CNBC TV18 reports.This makes the company the first private company to achieve ₹1 lakh crore in revenue, following Reliance Industries. Tata Motors has reported revenues of more than Rs 1 lakh crore for the fourth consecutive quarter.
On Friday, February 2, Tata Motors reported a 25% increase in Q3 FY24 revenue. The company, which owns Jaguar Land Rover (JLR), also outperformed Porsche of Germany in terms of top-line performance during this period. Only 16 companies worldwide generate at least $50 billion in revenue.
“We expect the performance to further improve in Q4 on account of seasonality, new launches and improving supplies at JLR.” IANS reported the company's statement.
According to Bloomberg data, Volkswagen leads the list with $332.6 billion in annual revenue, while Tata Motors falls between Porsche and Renault.
On Tuesday, the company reclaimed its position as the most valuable automaker by outperforming Maruti Suzuki in terms of market capitalisation. Currently, Market cap of Tata Motors is around 3.22 lakh crore.
We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans,'' said PB Balaji, Group Chief Financial Officer, Tata Motors.