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Tata Motors consolidated Q3 FY24 results

Tata Motors Ltd. (TML) announced its results for quarter ending December 31, 2023

Tata Motors Ltd. (TML) announced its results for quarter ending December 31, 2023.

Q3 FY24

Consolidated
( Cr Ind AS)

Jaguar Land Rover
(£m, IFRS)

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

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