Q3FY24 Quarterly & 9MFY24 Result Announced for Tata Motors Ltd.
Commercial Vehicles company Tata Motors announced Q3FY24 & 9MFY24 results: TML delivered a strong performance in Q3FY24 with Revenue of Rs 110.6K crore (up 25.0%), EBITDA at Rs 15.8K crore (up 60.6%) and EBIT of Rs 9.2K crore (+Rs 5.3K crore) with all automotive verticals continuing their profitable growth trajectory. PBT (bei) improved by Rs 4.4K crore to Rs 7.6K crore and Net Profit was Rs 7.1K crore. For 9MFY24, the business reported strong PBT (bei) of Rs 19.0K crore, an improvement of Rs 22.6K crore over the previous year. Net Automotive debt reduced further to Rs 29.2K crore. JLR revenue improved 22% to £7.4 billion. 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. Achieved net debt reduction of Rs 9.5K crore in Q3 and we are confident of achieving our deleveraging plans. Segmental Performance: JLR Revenue 7.4 billion Pound up 22%, EBITDA at 16.2% (+410 bps), EBIT at 8.8% (+510 bps) Tata CV Revenue Rs 20.1K crore, up 19.2%, EBITDA at 11.1% (+270 bps), EBIT at 8.6% (+270 bps) Tata PV Revenue Rs 12.9K crore, up 10.6%, EBITDA at 6.6% (-30 bps), EBIT at 2.1% (+60 bps) PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans.” Adrian Mardell, JLR Chief Executive Officer, said: “We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year. Sales of our modern luxury vehicles hit new records in the quarter and we are excited about the strong client interest for our soon-to-launch Range Rover Electric. I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market. Looking ahead, we are mindful of the challenges our business will face but are confident that we will continue to successfully deliver our Reimagine Strategy.” Result PDF02-02-2024
