“It was a transition quarter for passenger vehicles. The PV volumes were at 139,000 units (-2.7 per cent year-on-year) as supplies of outgoing models were proactively managed to facilitate a smooth transition to their next gen versions,” TML said.

TML shares rose 1.51 per cent to Rs 636.80 on the BSE on Thursday.

PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is pleasing to see all the businesses deliver on their well differentiated plans this quarter. With a strong product pipeline, a seasonally stronger H2 and continued focus on cash accretive growth, we are confident of sustaining this momentum.”

Shailesh Chandra, Managing Director TMPV and TPEM said: “It was transition quarter for us as we proactively reduced our supplies of outgoing models to enable a smooth transition to their next gen avatars. This coupled with the fact that Q2 FY23 was our highest ever sales, resulted in us reporting a marginal decline in revenues by 3.0 per cent this quarter. The EV business posted strong sales growth of 55 per cent during the quarter.

TML’s subsidiary Jaguar Land Rover posted revenue of £6.9 billion in Q2 and record first half revenue of £13.8 billion, up 30 per cent and 42 per cent yoy respectively driven by higher wholesales, better mix, cost reductions and investment in demand generation. Earnings before interest and tax margin was 7.3 per cent in Q2 and 8.0 per cent in H1.