Tata Motors Consolidated Q4 FY24 Results
London, 13 May 2024, (Oilandgaspress): –– TML reported record revenues of ₹ 437.9K Cr, an all-time high EBITDA at ₹ 62.8K Cr, highest ever PBT (bei) of ₹28.9K Cr (+₹27.1K Cr over the previous year) and net profit of ₹31.8K Cr (+₹29.1K Cr over the previous year). The strong performance has also helped to recognize a Deferred Tax Asset of ₹8.3K Cr at JLR and TML.
JLR Revenue £7.9b up 10.7%, EBITDA at 16.3% (+150 bps), EBIT at 9.2% (+270 bps)
Tata CV Revenue ₹21.6K Cr, up 1.6%, EBITDA at 12.0% (+190 bps), EBIT at 9.6% (+100 bps)
Tata PV Revenue ₹14.4K Cr, up 19.3%, EBITDA at 7.3% (flat yoy), EBIT at 2.9% (+150 bps)
Tata Motors Ltd. (TML) announced its results for quarter ended March 31, 2024
| 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 | ||
| Q4 FY24 | Revenue | 119,986 | 13.3 % | 7,860 | 10.7 % | 21,590 | 1.6 % | 14,431 | 19.3 % |
| EBITDA (%) | 14.9 | 160 bps | 16.3 | 150 bps | 12.0 | 190 bps | 7.3 | – bps | |
| EBIT (%) | 9.1 | 230 bps | 9.2 | 270 bps | 9.6 | 100 bps | 2.9 | 150 bps | |
| PBT (bei) | 9,457 | ₹4,367 Cr | 661 | £ 293 mn | 1,984 | ₹280 Cr | 533 | ₹299 Cr | |
| PAT | 17,529 | ₹12,033 Cr | 1,391 | £ 1,132 mn | 2,022 | ₹326 Cr | 394 | ₹252 Cr | |
| FY24 | Revenue | 437,928 | 26.6% | 28,995 | 27.1 % | 78,790 | 11.3 % | 52,353 | 9.4 % |
| EBITDA (%) | 14.3 | 360 bps | 15.9 | 430 bps | 10.8 | 340 bps | 6.5 | 10 bps | |
| EBIT (%) | 8.3 | 470 bps | 8.5 | 610 bps | 8.2 | 300 bps | 2.0 | 100 bps | |
| PBT (bei) | 28,932 | ₹27,129 Cr | 2,165 | £2,229 mn | 6,102 | ₹2,867 Cr | 1,423 | ₹687 Cr | |
| PAT | 31,807 | ₹29,117 Cr | 2,578 | £2,638 mn | 5,279 | ₹2,409 Cr | 1,089 | ₹330 Cr | |
Tata Motors Consolidated:
In Q4 FY24, TML delivered a strong performance with revenue of ₹120.0K Cr (up 13.3%), EBITDA at ₹17.9K Cr (up 26.6%) and EBIT of ₹11.0K Cr (+₹3.8K Cr) with all three auto businesses delivering a strong performance. PBT (bei) stood at ₹9.5K Cr (+₹4.4K Cr) and net profit was ₹17.5K Cr (+₹12.0K Cr). Net automotive debt reduced further to ₹16.0K Cr.
Dividends:
The Board of Directors have recommended a final dividend of ₹ 3/- per Ordinary Share and ₹3.10 per A Ordinary Share and a special dividend of ₹ 3/- per Ordinary Share and ₹3.10 per A Ordinary Share subject to approval by the shareholders.
Looking Ahead:
We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker. The premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. Despite this, we are confident of delivering a strong performance in FY25.
PB Balaji, Group Chief Financial Officer, Tata Motors said:
“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. 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.”
JAGUAR LAND ROVER (JLR)
Highlights
Record Q4 and FY24 revenue of £7.9 billion and £29.0 billion respectively.
PBT (bei) was £661 million in Q4; FY24 full year PBT (bei) was £2.2 billion, the highest since FY15.
EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.
Free cashflow was £892 million for Q4 and a record £2.3 billion for FY24. Net debt reduced to £0.7 billion.
Order book around 133,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.
Reimagine Transformation continues.
Record Range Rover wholesale and retail sales for Q4 and FY24.
Range Rover Electric generating strong interest with over 28,700 sign ups to the waiting list
Range Rover SV demand more than doubles to 4,099 units in FY24, including sale of 20 Range Rover SV Bespoke Sadaf editions which sold out at around £330,000 each.
New Defender OCTA to be revealed on July 3, 2024 with prospective clients invited to one of seven exclusive events to experience the product.
Investment of £356m in Electric Propulsion Manufacturing Centre in Wolverhampton, UK, installing equipment to manufacture battery packs and electric drive units.
Launched three new JLR Insurance products to support UK clients, as part of JLR financial services offering.
New Range Rover Electric and EMA prototypes currently undergoing cold weather testing.
Energy storage systems using second life Range Rover, Range Rover Sport PHEV and I-Pace batteries, developed.
Financials
JLR continued its strong financial performance trend in the financial year, with another record-breaking quarter in Q4 FY24. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for FY24 were £29.0 billion – JLR’s highest ever full year revenue and up 27% compared to the prior year.
PBT (bei) in Q4 was £661 million (+£293 million yoy) and EBIT margin was 9.2% in Q4, (+270bps yoy). The higher profitability yoy reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago. Profit after tax (“PAT”) in Q4 was £1.4 billion vs a profit of £259 million in the same quarter a year ago. PBT for FY24 was £2.2 billion – the highest since FY15; and PAT for FY24 was £2.6 billion. PAT also factors in the recognition of a deferred tax asset (DTA) of £1.0 billion due to a reassessment of future recoverability tax losses and allowances.
Free cash flow for the quarter was £892 million and £2.3 billion for the full year, the highest ever full year cash flow. The year ended with a cash balance was £4.2 billion and net debt £0.7 billion and a total liquidity was £5.7 billion, including the £1.5 billion undrawn revolving credit facility maturing April 1, 2026.
Looking ahead
We will continue to focus on brand activation to maintain order book. We expect EBIT margins in FY25 to be around the FY24 level. We anticipate a modest increase in investment spend to £3.5b but still expect to become net debt zero during FY25.
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