Tata Motors Q1 FY24 sees revenue spike by 42% YOY

TAGS

For the first quarter of the fiscal year 2024, Tata Motors Ltd. reported a strong financial performance with significant growth across multiple sectors. The consolidated revenue was recorded at ₹102.2K Cr, marking a 42% year-over-year (YOY) increase.

Tata Motors revealed that Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged to ₹14.7K Cr, a substantial growth of 177% YOY. Profit Before Tax (PBT) was ₹5.3K Cr, a remarkable increase of ₹10.3K Cr from the previous year. Additionally, Tata Motors’ Auto Free Cash Flow (FCF) grew to ₹2.5K Cr, showing an increase of ₹12.3K Cr compared to the previous year.

See also  Bodal Chemicals completes technology upgradation at Rajpura facility

The remarkable improvement in the quarter ending June 30, 2023, can be attributed to strong performances by Jaguar Land Rover (JLR) and Commercial Vehicle (CV) businesses. The Passenger Vehicle (PV) business also remained steady.

The JLR sector saw a revenue improvement of 57% at £6.9 billion due to strong wholesales and improved mix. CV volumes, however, decreased by 15% due to the transition to BS6 Phase 2. Nevertheless, EBIT margins improved to 6.5%, benefiting from the demand-pull strategy and richer mix.

See also  Thalaivar strikes gold again! Rajinikanth's Jailer dethrones Box Office giants

The PV business reported a steady growth of 11.1% in revenue and an EBIT of 1.0%. Tata Motors’ overall PBT increased by ₹10.3K Cr to ₹5.3K Cr, while the Net Profit was ₹3.3K Cr.

Despite uncertainties, the company remains optimistic about the demand situation and expects a moderate inflationary environment in the near term.

See also  Happiest Minds Technologies announces revenue rise in Q1 FY24 results

PB Balaji, Group Chief Financial Officer, Tata Motors, stated, “FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals.”

CATEGORIES
TAGS
Share This

COMMENTS

Wordpress (0)