Q2FY24 Quarterly & H1FY24 Bi-Annual Result Announced for Tata Motors Ltd.
Commercial Vehicles company Tata Motors announced Q2FY24 & H1FY24 results: Consolidated Q2FY24: Revenue reached Rs 105.1K crore, reflecting an impressive growth of 32.1%. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) stood at Rs 14.4K crore, indicating substantial growth of 86.4%. Profit Before Tax (PBT) before exceptional items improved by Rs 7.9K crore, reaching Rs 6.1K crore. The company reported Automotive Free Cash Flows of Rs 3.9K crore, compared to Rs 2.9K crore in the previous year. Consolidated H1FY24: The business reported a strong PBT (bei) of Rs 11.4K crore, marking an impressive improvement of Rs 18.2K crore over the previous year. Net Automotive debt reduced to Rs 38.7K crore Jaguar Land Rover (JLR): JLR revenues improved by 30.4% to £6.9 billion. Strong wholesales and an improved mix resulted in EBIT (Earnings Before Interest and Tax) margins of 7.3%, representing a significant increase of 630 basis points (bps). Commercial Vehicles (CV): CV revenues improved by 22.3%. EBIT also improved to 7.9%, benefitting from higher realizations, a richer product mix, and favorable commodity prices. This represents an increase of 560 bps in EBIT margins. Passenger Vehicles (PV): PV revenues experienced a marginal decline of 3.0% due to the transition to new product launches. EBIT margins improved by 140 bps to 1.8%, primarily driven by savings in commodity costs. PB Balaji, Group Chief Financial Officer, Tata Motors said, “It is pleasing to see all the businesses deliver on their well-differentiated plans this quarter. With a strong product pipeline, a seasonally stronger H2 and continued focus on cash accretive growth, we are confident of sustaining this momentum.” Result PDF02-11-2023
