Tata Motors Ltd., (TML) announced its results for quarter ending December31, 2023. Tata Motors Consolidated reported a strong Q3 FY24 performance, with revenue 110.6K Cr (up 25.0%), EBITDA 15.8K Cr (up 60.6%), and EBIT of 9.2KCr. All automotive verticals continued profitable growth. PBT (bei) improved by 4.4KCr to 7.6KCr, and net profit was 7.1KCr. For YTD FY24, PBT (bei) improved by 19.0KCr, and net automotive debt reduced further to 29.2KCr.
JLR revenue increased by 22% to £7.4b, driven by improved wholesales and reduced material costs, resulting in EBIT margins of 8.8%. CV revenue rose by 19.2%, CV revenue by 8.6%, and PV revenues by 10.6%, all with EBIT margins of 2.1%.
In Q3 FY24, Tata Motors’ commercial vehicles saw domestic wholesale CV volumes increase by 1.1% YoY, while exports increased by 14% YoY. Revenues rose by 19.2% YoY to 20.1K Cr, driven by better market pricing for medium and heavy commercial vehicles. EBITDA and EBIT margins increased by 11.1% and 8.6% YoY respectively. JLR experienced a strong Q3 FY24 performance, with a 22% increase in revenue and a 8% increase in Q2 FY24. PB Balaji, Group Chief Financial Officer, Tata Motors said, “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.”
