Driven by a strong performance from its UK unit Jaguar Land Rover Automotive Plc (JLR), India’s largest automaker by revenue, Tata Motors, on Thursday reported a three-fold jump in its net profit to Rs 2,502 crore in the September quarter as against Rs 848 crore in the same period last year.

The surge in net profits was aided by a one-time excise gain of Rs 535 crore, cost-reductions at the planning and strategic levels as well as better margins at JLR.

The company’s revenue grew by 10 per cent to Rs 70,156 crore, even as it took a Rs 2,393-crore forex hit on the revenue side and Rs 112 crore on the post-tax side during the quarter.

Tata Motors reported a 30 per cent jump in its revenue to Rs 13,400 crore and its operating profit surged 189 per cent to Rs 971 crore.

Total domestic sales in the September quarter rose by a significant 21.7 percent to 142,646 units. Sales were led by commercial vehicles, with medium and heavy commercial vehicles clocking 21.3 per cent growth to 40,616 units on the back of the government’s infrastructure push and increased production of Bharat Stage-IV compliant vehicles, the company said a statement.

The results surpassed analyst estimates of a net profit of Rs 1,835 crore on sales of  Rs 68,895 crore.

JLR sales increased 5.07 per cent from a year ago to 149,690 units, led by strong customer demand for the Range Rover Velar and other new models.

JLR reported a 38 per cent rise in pre-tax profit at 385 million pounds driven by an 11.5 per cent rise in revenue to 6.3 billion pounds.

This helped the company report an operating margin of 11.8 per cent and Ebit margin of 5.2 per cent in the quarter.

The company said the volume grew 5.1 per cent driven by high demand for the Velar from the Range Rover platform and others from the Jaguar stable.

“The turnaround plan has started to deliver, thanks to the single-minded focus we’ve been putting in over the past six-nine months. This is the first quarter since the turnaround plan has been fully implemented, and I’m confident going forward the results will only get better,” Guenter Butschek, MD & CEO, Tata Motors told reporters.

The turnaround plan includes filling the product gap and customer-centric initiatives, which helped it cover almost 70 per cent of its addressable market now in the car segment, cost-cutting across all areas, especially in planning and engineering, and resolving by debottlenecking suppliers side, Butschek said.

He said the company outgrew the car segment massively with a 22 per cent growth against 8 per cent of the market while  the commercial vehicles side saw the MHCVs, ILCVs, SCVs and pick-ups doing well.

Domestic sales, including exports of commercial and passenger vehicles stood at 152,979 units, a growth of 13.8 per cent with impressive growth across segments—28 per cent in MHCVs, 35 per cent in ILCVs, 38 per cent in SCVs and pick-ups. The passenger vehicles grew by 14.4 per cent in the reporting quarter over a year ago.

Shares of Tata Motors rose 0.36 per cent to Rs.440.30 on the BSE at the close of trading on a day the benchmark Sensex edged up 0.1 per cent to 33,250.93 points.

According to analysts, commentary on the US and European markets, JLR hedge book position and quantum of foreign exchange losses anticipated would be the key monitorables for the company.