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The fall in profit came even as revenue climbed 9.3% year-on-year to Rs957.99bn, a rise achieved despite a softer showing from Jaguar Land Rover (JLR).
India business surges with 46% volume growth and record EV sales, while JLR faces headwinds from supply chain issues and China weakness.
The non-binding agreement focuses on identifying synergies between the two companies, drawing on their respective strengths.
Stellantis and JLR signed a non-binding agreement to explore US product development collaboration opportunities.
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