Tata Motors Announce Consolidated Q1 FY24 Results
London, 26 July, 2023, (Oilandgaspress) – Tata Motors Limited (TML) continued its strong performance in Q1 FY24 with Revenues at ₹102.2K Cr (up 42% yoy), EBITDA at ₹14.7K Cr (up 177% yoy) and EBIT of ₹8.3KCr (higher by ₹8.8KCr), all showing a sharp improvement driven by JLR and CV businesses whilst the PV business was steady. JLR revenues improved by 57% to £6.9b on strong wholesales and improved mix resulting in EBIT margins of 8.6% (+1,300bps). CV volumes were lower by 15% over prior year due to transition to BS6 Phase 2. However, the EBIT margins improved to 6.5% (+370bps) benefiting from the demand-pull strategy and richer mix. PV business was steady with 11.1% revenue growth and EBIT of 1.0% (+10bps). Overall PBT (bei) improved by ₹10.3KCr to ₹5.3KCr and Net Profit was ₹3.3KCr.
JAGUAR LAND ROVER (JLR) Highlights
Revenues in Q1 FY24 of £6.9 billion, up 57% (y-o-y).
PBT (bei) in Q1 FY24 was £435 million, up £67 million from Q4 FY23 and up nearly £1 billion from Q1 FY23.
EBIT margin in the quarter was 8.6%, up from 6.5% in Q4 FY23.
The higher profitability year-on-year reflects favourable volume, mix, pricing and foreign exchange revaluation offset partially by higher inflation and supplier claims.
FCF of £451 million, the highest JLR Q1 cash flow on record; cumulative FCF over the last three quarters is £1.8 billion.
Cash on hand increased to £4 billion and net debt reduced to £2.5 billion at June 30, 2023.
Order book strong at 185k units with Range Rover, Range Rover Sport and Defender representing 76% of the order book.
Adrian Mardell and Richard Molyneux confirmed as Chief Executive Officer and Chief Financial Officer respectively.
Tata’s newly announced £4bn UK gigafactory will provide JLR with stable and secure supply of battery cells to electrify JLR’s next generation modern luxury vehicles.
Tata Motors Ltd. (TML) announced its results for quarter ending June 30, 2023.
| 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 | ||||
| Q1 FY24 | Revenue | 102,236 | 42.1 % | 6,903 | 57.0 % | 16,991 | 4.4% | 12,839 | 11.1% | ||
| EBITDA (%) | 14.4 | 700 bps | 16.3 | 960 bps | 9.4 | 390 bps | 5.3 | (80) bps | |||
| EBIT (%) | 8.1 | 880 bps | 8.6 | 1,300 bps | 6.5 | 370 bps | 1.0 | 10 bps | |||
| PBT (bei) | 5,330 | ₹10,292 crs | 435 | £959m | 937 | ₹635 crs | 186 | ₹172 crs | |||
Tata Motors Consolidated:TML continued its strong performance in Q1 FY24 with Revenues at ₹102.2K Cr (up 42% yoy), EBITDA at ₹14.7K Cr (up 177% yoy) and EBIT of ₹8.3KCr (higher by ₹8.8KCr), all showing a sharp improvement driven by JLR and CV businesses whilst the PV business was steady. JLR revenues improved by 57% to £6.9b on strong wholesales and improved mix resulting in EBIT margins of 8.6% (+1,300bps). CV volumes were lower by 15% over prior year due to transition to BS6 Phase 2. However, the EBIT margins improved to 6.5% (+370bps) benefiting from the demand-pull strategy and richer mix. PV business was steady with 11.1% revenue growth and EBIT of 1.0% (+10bps). Overall PBT (bei) improved by ₹10.3KCr to ₹5.3KCr and Net Profit was ₹3.3KCr.
PB Balaji, Group Chief Financial Officer, Tata Motors said: “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.”
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