Tata Motors’ Q4 net more than triples to ₹17,407 cr, led by SUVs
Driven by an uptick in SUV sales (comprising 50 per cent of overall sales) Tata Motors reported a record jump in its consolidated net profit to ₹17,407 crore in the March, fourth quarter of FY24 against ₹5,407 crore during the corresponding previous quarter.
The board of directors recommended a dividend of ₹6 per ordinary share, subject to approval by the shareholders
The total revenue from operations rose 13.2 per cent at ₹1,19,986 crore in Q4 (₹1,05,932 crore).
The India business became debt-free and the company’s consolidated automotive debt reduced to ₹16,000 crore.
“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest-ever revenues, profits, and free cash flows. The India business is now debt-free, and we are on track to become net automotive debt-free on a consolidated basis in FY25. The businesses are executing well their distinct strategies, and we are confident of sustaining this strong performance in the coming years,” said PB Balaji, Group Chief Financial Officer.
Tata Motors recorded its third consecutive year of highest sales volumes, with 6% growth in wholesale and 10% in retail sales over FY23
Tata Motors had a cash flow of ₹26,900 crore in Q4 compared with ₹7,800 crore in FY23. “Tata Motors recorded its third consecutive year of highest sales volumes, with 6 per cent growth in wholesale and 10 per cent in retail sales over FY23. Our multi-powertrain approach and a sharp focus on green technologies increased the penetration of CNG and electric vehicles to 29 per cent in the overall portfolio. We sold 73.8k EVs during the year (up 48 per cent over FY23) and crossed the milestone of 150,000 cumulative EV production. Overall, the business recorded its highestever turnover with annual volumes of 573.5k units,” said Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd and Tata Passenger
Electric Mobility Ltd. The company’s EV penetration increased to 13 per cent during the quarter, while it was 15 per cent for CNG.
The commercial vehicle business revenue hit ₹21,600 crore in Q4. The domestic wholesale CV business was down 7 per cent year-on-year at 104,600 units compared to increased sales in Q4 FY23 on account of increased pre-buy due to BS6 Phase ll transition
JLR PERFORMANCE
Tata Motors JLR reported a free cash flows of £892 million for Q4. JLR revenue was up 11 per cent at £7.9 billion in the quarter. Its net debt dropped to £0.7 billion. The company said that investment spending will increase to £3.5 billion.
“We have delivered a record financial performance for the company, generating free cash flows and enabling us to reduce net debt to £0.7 billion,” said Adrian Mardell, Chief Executive O©cer of JLR.
PRODUCTION UPTICK
Tata Motors, which now manufactures 55,000 passenger vehicles a month, plans to increase its production. “...With the Sanand plant, it will be taken to 80,000 vehicle units per month,” said CFO Balaji.