Tata Motors Ltd. announce results for quarter ending December 31, 2023
London, 02 February 2024, (Oilandgaspress): –Tata Motors Ltd. (TML) delivered a strong performance in Q3 FY24 with Revenue of ₹110.6K Cr (up 25.0%), EBITDA at ₹15.8K Cr (up 60.6%) and EBIT of ₹9.2K Cr (+₹5.3K Cr) with all automotive verticals continuing their profitable growth trajectory. PBT (bei) improved by ₹4.4K Cr to ₹7.6K Cr and Net Profit was ₹7.1K Cr. For YTD FY24, the business reported strong PBT (bei) of ₹19.0K Cr, an improvement of ₹22.6K Cr over the previous year. Net Automotive debt reduced further to ₹29.2K Cr.
JLR revenue improved 22% to £7.4b. Improved wholesales and reduced material costs resulted in EBIT margins of 8.8% (+510bps). CV revenue improved by 19.2% and EBIT improved to 8.6% (+270bps) benefiting from higher realisations and richer mix. PV revenues were up by 10.6% and EBIT margins improved by 60 bps to 2.1% led by savings in commodity costs.
| Q3 FY24 | 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 | ||
| Revenue | 110,577 | 25.0 % | 7,375 | 22.0 % | 20,123 | 19.2% | 12,910 | 10.6 % | |
| EBITDA (%) | 14.3 | 320 bps | 16.2 | 410 bps | 11.1 | 270 bps | 6.6 | (30) bps | |
| EBIT (%) | 8.3 | 390 bps | 8.8 | 510 bps | 8.6 | 270 bps | 2.1 | 60 bps | |
| PBT (bei) | 7,582 | ₹4,379 crs | 627 | £ 362 mn | 1,656 | ₹718 crs | 408 | ₹87 crs | |
| Ytd FY24 | Revenue | 317,942 | 32.5% | 21,135 | 34.6 % | 57,201 | 15.4 % | 37,923 | 6.0 % |
| EBITDA (%) | 14.1 | 460 bps | 15.8 | 570 bps | 10.4 | 410 bps | 6.1 | – bps | |
| EBIT (%) | 7.9 | 570 bps | 8.3 | 780 bps | 7.7 | 400 bps | 1.6 | 70 bps | |
| PBT (bei) | 19,022 | ₹22,555crs | 1,504 | £1,936 mn | 4,119 | ₹2,588 crs | 890 | ₹387 crs | |
JAGUAR LAND ROVER (JLR)
Highlights
- Record Q3 FY24 and YTD FY24 revenue of £7.4 billion and £21.1 billion respectively.
- EBIT margin in Q3 FY24 of 8.8%; more than double Q3 FY23.
- PBT (bei) was £627 million in Q3 FY24, JLR’s highest quarterly profit since Q4 FY17. YTD FY24 PBT (bei) was £1.5 billion.
- Free cash flow was £626 million in Q3 FY24 and £1.4 billion for YTD FY24 and net debt reduced to £1.6 billion.
- Total liquidity was £5.8 billion, including the £1.52 billion undrawn revolving credit facility.
Reimagine Transformation
Modern Luxury
- Record quarterly Range Rover wholesales
- Range Rover Electric generating strong interest with over 15,000 sign ups to the waiting list since opening
- Sales of highest specification Range Rover SV with average price of £202,000, are growing year-on-year with 3,637 year-to-date sales already surpassing 1,909 Range Rover SV sold in FY23
- Defender 110 D300 X-Dynamic S wins What Car? Car of the Year ‘Best seven-seater’ award
Electrification
- Range Rover Electric prototypes being tested on the road while electric medium size SUV prototypes and new Jaguar prototypes in development
- Transformation of JLR plants for EV production continues at pace:
- New £60m BEV underbody line at Solihull, West Midlands, UK, being installed
- New body shop in Halewood, Merseyside, UK, for electric EMA models near completion
- Production lines for electric drive unit manufacture at Wolverhampton, West Midlands, UK progressing well
Sustainability
- ESG risk rating from Sustainalytics further improved, ‘Low Risk’ score reduced from 17.1 to 15.6, with ranking improving from the 4th to the 3rd lowest risk out of 74 companies in the Automotive Sub Industry
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