Mumbai – Tata Motors Ltd. (TML) announced its consolidated financial results for the quarter ending December 31, 2024, demonstrating resilience and operational efficiency despite market headwinds.
Consolidated Financial Overview
- Revenue: ₹113.6K Cr (+2.7%)
- EBITDA: ₹15.5K Cr (13.7%, down 60 bps)
- EBIT: ₹10.0K Cr (8.9%, up 60 bps)
- PBT (bei): ₹7.7K Cr (-₹75 Cr)
- Net Profit: ₹5.6K Cr
- Automotive Free Cash Flows: ₹4.7K Cr
Tata Motors saw a sequential improvement as supply challenges eased. The year-to-date (YTD) PBT (bei) stood at ₹22.3K Cr, reflecting a strong ₹2.8K Cr improvement over the previous year.
Jaguar Land Rover (JLR) Performance
- Revenue: £7.5 billion (+1.5%)
- EBITDA: 14.2% (-200 bps)
- EBIT: 9.0% (+20 bps)
- PBT (bei): £523 million
- Cash balance: £3.5 billion; Net debt: £1.1 billion
JLR reported record quarterly revenue, its highest EBIT margin in a decade, and its ninth successive profitable quarter. The brand continues to focus on modern luxury and sustainability, with the Range Rover Electric waiting list now at 57,000 and plug-in hybrid sales growing 163% YoY.
Tata Commercial Vehicles (Tata CV)
- Revenue: ₹18.4K Cr (-8.4%)
- EBITDA: 12.4% (+130 bps)
- EBIT: 9.6% (+100 bps)
- PBT (bei): ₹1.7K Cr
Tata CV saw an 8.4% revenue decline due to lower volumes, yet EBITDA margins improved due to material cost savings and Production Linked Incentive (PLI) benefits. The segment saw robust recovery in HCVs driven by infrastructure and mining activities.
Tata Passenger Vehicles (Tata PV)
- Revenue: ₹12.4K Cr (-4.3%)
- EBITDA: 7.8% (+120 bps)
- EBIT: 1.7% (-40 bps)
- PBT (bei): ₹0.3K Cr
Despite a revenue decline, Tata PV expanded its EV market share to 61% and launched multiple new models, including the 2025 Tiago and Tiago.ev. The segment continues to focus on green and smart mobility solutions.
Looking Ahead
Tata Motors anticipates a gradual improvement in domestic demand, driven by infrastructure investments and stable interest rates. JLR wholesales are expected to grow in Q4 FY25, though macroeconomic conditions, particularly in China, remain a key watchpoint.
PB Balaji, Group CFO, Tata Motors: “In Q3, all businesses improved sequentially. Our YTD revenue of ₹323.0K Cr (+1.6%) and PBT (bei) of ₹22.3K Cr (+14.5%) underscore our strong fundamentals. Despite external challenges, we remain confident of delivering another strong performance this year.”
Tata Motors continues to navigate market complexities with a focus on operational excellence, sustainability, and customer-centric innovation. With new product launches and a strong financial foundation, the company is well-positioned for sustained growth in the coming quarters.
| Q3 FY25 | Consolidated (₹ Cr Ind AS) | Jaguar Land Rover (£m, IFRS) | Tata Commercial Vehicles (₹Cr, Ind AS) | Tata Passenger Vehicles (₹Cr, Ind AS) | |||||
| FY25 | Vs. PY | FY25 | Vs. PY | FY25 | Vs. PY | FY25 | Vs. PY | ||
| Revenue | 1,13,575 | 2.7% | 7,486 | 1.5% | 18,431 | (8.4)% | 12,354 | (4.3)% | |
| EBITDA (%) | 13.7% | (60) bps | 14.2% | (200) bps | 12.4% | 130 bps | 7.8% | 120 bps | |
| EBIT (%) | 8.9% | 60 bps | 9.0% | 20 bps | 9.6% | 100 bps | 1.7% | (40) bps | |
| PBT (bei) | 7,700 | ₹(75) Cr | 523 | £ (103) mn | 1,726 | ₹70 Cr | 292 | ₹(116) Cr | |
| YTD FY25 | Revenue | 3,23,074 | 1.6% | 21,234 | 0.5% | 53,568 | (6.4)% | 35,902 | (5.3)% |
| EBITDA (%) | 13.2% | (90) bps | 14.0% | (180) bps | 11.6% | 120 bps | 6.6% | 50 bps | |
| EBIT (%) | 7.7% | (20) bps | 7.8% | (50) bps | 8.8% | 110 bps | 0.7% | (90) bps | |
| PBT (bei) | 22,296 | ₹2,821 Cr | 1,614 | £ 110 mn | 4,575 | ₹456 Cr | 694 | ₹ (196) Cr | |
