Tata Motors Ltd. (TML) announced its results for quarter ending June 30, 2023. TML continued its strong performance in Q1 FY24 with Revenues at 102.2K Cr (up 42% yoy), EBITDA at 14.7K Cr (up 177% yoy) and EBIT of 8.3KCr (higher by 8.8KCr), all showing a sharp improvement driven by JLR and CV businesses whilst the PV business was steady.
JLR revenues increased by 57% to £6.9b, driven by strong wholesales and a better mix. EBIT margins reached 8.6%. CV volumes decreased by 15%, but EBIT margins increased to 6.5%. PV business experienced 11.1% growth and EBIT of 1.0%. PBT (bei) improved by 10.3KCr to 5.3KCr, with net profit of 3.3KCr.
The company remains optimistic about demand and expects a moderate inflationary environment. They aim for strong performance in the rest of the year, citing a healthy order book, low-break-even in JLR, steady demand improvement, demand-pull strategy in CV, PV launches, and EV aggression. PB Balaji, Group Chief Financial Officer, Tata Motors said, “We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals.”
