BENGALURU: India’s Tata Motors , the country’s most valuable carmaker, reported a more than two-fold increase in third-quarter profit on Friday, smashing expectations, as it saw strong sales in its British luxury car unit, Jaguar Land Rover (JLR).

Consolidated net profit rose to 70.25 billion rupees ($847.7 million) in the three months ended Dec. 31 from a year earlier.

Analysts, on average, expected a profit of 44.51 billion rupees, per LSEG data. Pricier and margin-boosting JLR cars account for roughly two-thirds of Tata Motors’ revenue.

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The segment caters to an affluent global demographic that is largely unaffected by high inflation.

JLR sales rose 27% in the October to December period, the group said earlier this month.

This drove Tata Motors’ total quarterly revenue 25% higher to 1.11 trillion rupees, beating analysts’ expectations, and expanded its margins on earnings before interest, taxes, depreciation, and amortisation (EBITDA) to 14.3% from 11.1% last year. Its domestic market, however, was still wrought by sluggish demand, with total sales volumes rising a modest 3% for the quarter, per its monthly sales data.

Earlier this week, Tata Motors’ stock rallied, helping the company surpass Maruti Suzuki and claim the title of India’s most valuable carmaker.

While Maruti sells more cars, Tata Motors stands tall as the largest by revenue. Maruti beat its third-quarter profit estimates on Wednesday, while smaller rival Mahindra and Mahindra is set to report results later this month.