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Tata Motors Surges to Record-Breaking FY24 Performance Amid Diverse Market Gains

In an impressive display of financial strength, Tata Motors announced record consolidated Q4 FY24 results, driven by the robust performances of its Jaguar Land Rover (JLR), Tata Commercial Vehicles (CV), and Tata Passenger Vehicles (PV) segments. The company reported consolidated Q4 revenue of ₹120,000 crore, marking a 13.3% increase. The EBITDA reached ₹17,900 crore, growing by 26.6%, while Profit Before Tax (PBT) before exceptional items (bei) soared to ₹9,500 crore, an increase of ₹4,400 crore. Net Profit After Tax (PAT) recorded a remarkable 217% jump to ₹17,500 crore.

Jaguar Land Rover (JLR): A Year of Transformation

Jaguar Land Rover, Tata Motors’ luxury subsidiary, had a stellar Q4 with revenue up 10.7% to £7.9 billion, resulting in an EBITDA margin of 16.3% and EBIT margin of 9.2%. For the full FY24, JLR delivered record revenue of £29.0 billion, an EBIT margin of 8.5%, and a profit before tax of £2.2 billion.

The segment continues to reap the benefits of its “Reimagine” strategy with strong demand for its Range Rover models and innovative electric propulsion initiatives. The company will unveil the new Defender OCTA in July, and its order book remains robust with around 133,000 vehicles.

Tata Commercial Vehicles (CV): Green Transformation in Focus

Tata’s commercial vehicle division sustained momentum with Q4 revenue at ₹21,600 crore (up 1.6%) and EBITDA at 12.0%, supported by innovative technologies like the Turbotronn 2.0 engine and BS VI Phase 2 vehicle portfolio. Despite a modest 2% growth in overall volumes in FY24, Tata CV achieved ₹78,800 crore in annual revenue and recorded the highest-ever profits of ₹6,100 crore.

Tata Passenger Vehicles (PV): Emission-Friendly Tech

Tata PV maintained its leadership in the electric vehicle market, capturing a 73.1% share. In Q4, its revenue surged by 19.3% to ₹14,400 crore. While overall EBIT margins improved by 150 basis points to 2.9%, Tata PV witnessed sustained growth in both SUV and EV segments. The unit achieved a 14.3% market share in H2 FY24 and aims to continue its market-beating growth by focusing on EV ecosystem development.

Forward Outlook

Tata Motors remains cautiously optimistic about the global market in FY25, given potential geopolitical and macroeconomic challenges. However, the company remains confident in sustaining strong performance, leveraging its clear market strategies across divisions.

PB Balaji, Group Chief Financial Officer, reaffirmed Tata’s commitment to becoming net automotive debt-free in FY25, saying, “The India business is now debt-free, and we are on track to achieve net automotive debt-free status on a consolidated basis.”

As Tata Motors drives forward, its consolidated approach is poised to deliver strong profitability, strategic growth, and sustained market leadership across its diversified automotive portfolio.

Results for quarter ended March 31, 2024-

Q4 FY24 Consolidated ( Cr Ind AS)Jaguar Land Rover (£m, IFRS)Tata Commercial Vehicles  (₹Cr, Ind AS)Tata Passenger Vehicles (Cr, Ind AS)
 FY24Vs. PYFY24Vs. PYFY24Vs. PYFY24Vs. PY
Revenue119,98613.3 %7,86010.7 %21,5901.6 %14,43119.3 %
EBITDA (%)14.9160 bps16.3150 bps 12.0190 bps 7.3– bps
EBIT (%)9.1230 bps9.2270 bps 9.6100 bps 2.9150 bps
PBT (bei)9,457₹4,367 Cr661£ 293 mn1,984₹280 Cr 533₹299 Cr
PAT17,529₹12,033 Cr1,391£ 1,132 mn2,022₹326 Cr394₹252 Cr
 FY24Revenue437,92826.6%28,99527.1 %78,79011.3 %52,3539.4 %
EBITDA (%)14.3360 bps15.9430 bps 10.8340 bps 6.510 bps
EBIT (%)8.3470 bps8.5610 bps 8.2300 bps 2.0100 bps
PBT (bei)28,932₹27,129 Cr2,165£2,229 mn6,102₹2,867 Cr 1,423₹687 Cr
PAT31,807₹29,117 Cr2,578£2,638 mn5,279₹2,409 Cr1,089₹330 Cr
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