Tata Motors’ net profit up y-o-y by 222% in March quarter

13 May 2024 , 11:27 AM

Tata Motors announced its results for the March quarter on May 10, 2024. The car giant’s net profit increased by 222% year on year to ₹17,407.18 Crore. The company’s consolidated revenue increased by 13.3%, reaching ₹1,19,986.31 Crore. Tata Motors declared a final dividend of ₹6 per share.

Passenger vehicle sales in India hit a new record in FY24, with over 4.2 million units delivered, led by SUVs (50% of total sales) and emission-friendly powertrains. Tata Motors increased wholesale sales by 6% and retail sales by 10% in FY23, marking the company’s third consecutive year of record-breaking sales volumes.

The company’s multi-powertrain strategy and strong focus on green technology brought CNG and electric car penetration to 29% of the whole portfolio. It sold 73.8K EVs this year (up 48% from FY23) and reached the milestone of 150,000 cumulative EV production. The firm achieved its highest-ever turnover of 573.5K units, a 6.0% increase over FY23, and earnings of ₹1.4K Crore.

TML’s revenue in the fourth quarter of fiscal year 2023-24 was ₹120.0K Crore, up 13.3% over the same period last year. The company’s EBITDA increased by 26.6% to ₹17.9K Crore, with an EBIT of ₹11.0K Crore, a remarkable rise of ₹3.8K Crore. Notably, all three automotive businesses within TML performed admirably throughout this period.

In FY24, Tata Motors reported record revenues of ₹437.9K Crore, a noteworthy achievement in the company’s history. In addition to the remarkable revenue figure, the company achieved an all-time high EBITDA of ₹62.8K Crore, demonstrating its operational competence and efficiency.

TML recorded its highest ever Profit Before Tax (PBT) of ₹2,89,000 Crore, a significant rise of ₹27.1K Crore from the previous year. The impressive performance resulted in a net profit of ₹31.8K Crore, up by ₹29.1K Crore from the previous year, indicating excellent growth and profitability.

At around 10.40 AM, Tata Motors was trading 9.16% lower at ₹950.75, against the previous close of ₹1,046.55 on NSE. The counter plunged to an intraday low of ₹947.20.

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