Tata Motors has reported 45% YoY jump in its its Q4FY24 net profit at Rs 17,529 crore compared to Rs 12,033 Cr profit in Q4FY23 on strong JLR orderbook and domestic demand. The Q4 revenue came in at Rs 119,986 crore, up 13.3 % YoY. Tata Motors as a group delivered its highest ever revenue and profit. The India business is net debt free and net automotive debt reduced further to Rs 16,000 crore.
Looking forward, the management remains cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker. The company expects premium luxury segment demand to remain resilient despite emerging concerns on overall demand.
The company is confident of delivering a strong performance in FY25. PB Balaji, Group Chief Financial Officer, Tata Motors said, “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 on their distinct strategies and therefore, we are confident
of sustaining this strong performance in the coming years.”
Tata Motors expects single digit growth in PVs, outlines aggressive EV expansion
The company has outlined significant expansion in the EV space. Outlining the trends for the overall passenger vehicle space, Tata Motors expects demand for passenger cars to remain strong, although the high base effect, coupled with extraneous factors elections, heat wave may keep the growth rate moderate. “We will continue to focus on retails and deliver market beating growth to sustain double digit EBITDA margins and positive free cash flows for PV business. We will continue to proactively drive EV penetration through new product launches and ecosystem development and improve profitability.
Shailesh Chandra, Managing Director TMPV and TPEM said, “Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50% of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6% growth in wholesales and 10% in retail sales over FY23. Our multi-powertrain approach and sharp focus on green technologies increased the penetration of CNG and electric vehicles to 29% in the overall portfolio. We sold 73.8K EVs during the year (up 48% vs FY23) and crossed milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual volumes of 573.5K units, growing by 6.0% over FY23, and recorded highest ever profits of Rs 1400 Cr.”
Dividend announced
The Board of Directors have recommended a final dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share
and a special dividend of R 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share subject to approval by the shareholders.
