Tata Motors Ltd. (TML) announced its results for quarter ending December 31, 2023.
| Q3 FY24 |
|
Consolidated |
Jaguar Land Rover |
Tata Commercial Vehicles (₹Cr, Ind AS) |
Tata Passenger Vehicles (₹Cr, Ind AS) |
||||
|
FY24 |
Vs. PY |
FY24 |
Vs. PY |
FY24 |
Vs. PY |
FY24 |
Vs. PY |
||
| Revenue | 110,577 | 25.0 % | 7,375 | 22.0 % | 20,123 | 19.2% | 12,910 | 10.6 % | |
| EBITDA (%) | 14.3 | 320 bps | 16.2 | 410 bps | 11.1 | 270 bps | 6.6 | (30) bps | |
| EBIT (%) | 8.3 | 390 bps | 8.8 | 510 bps | 8.6 | 270 bps | 2.1 | 60 bps | |
| PBT (bei) | 7,582 | ₹4,379 crs | 627 | £ 362 mn | 1,656 | ₹718 crs | 408 | ₹87 crs | |
|
Ytd FY24 |
Revenue | 317,942 | 32.5% | 21,135 | 34.6 % | 57,201 | 15.4 % | 37,923 | 6.0 % |
| EBITDA (%) | 14.1 | 460 bps | 15.8 | 570 bps | 10.4 | 410 bps | 6.1 | – bps | |
| EBIT (%) | 7.9 | 570 bps | 8.3 | 780 bps | 7.7 | 400 bps | 1.6 | 70 bps | |
| PBT (bei) | 19,022 | ₹22,555crs | 1,504 | £1,936 mn | 4,119 | ₹2,588 crs | 890 | ₹387 crs | |
Tata Motors Consolidated:
TML delivered a strong performance in Q3 FY24 with Revenue of ₹110.6K Cr (up 25.0%), EBITDA at ₹15.8K Cr (up 60.6%) and EBIT of ₹9.2K Cr (+₹5.3K Cr) with all automotive verticals continuing their profitable growth trajectory. PBT (bei) improved by ₹4.4K Cr to ₹7.6K Cr and Net Profit was ₹7.1K Cr. For YTD FY24, the business reported strong PBT (bei) of ₹19.0K Cr, an improvement of ₹22.6K Cr over the previous year. Net Automotive debt reduced further to ₹29.2K Cr.
JLR revenue improved 22% to £7.4b. Improved wholesales and reduced material costs resulted in EBIT margins of 8.8% (+510bps). CV revenue improved by 19.2% and EBIT improved to 8.6% (+270bps) benefiting from higher realisations and richer mix. PV revenues were up by 10.6% and EBIT margins improved by 60 bps to 2.1% led by savings in commodity costs.
Looking Ahead:
We remain positive on all three auto businesses. We expect the performance to further improve in Q4 on account of seasonality, new launches and improving supplies at JLR. We achieved net debt reduction of ₹9.5K Cr in Q3 and we are confident of achieving our deleveraging plans.
PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans.”
SOURCE: Tata Motors
