Mumbai-headquartered Tata Motors has posted a more than threefold jump in its consolidated net profit for the fourth quarter of 2023-24 to Rs 17,528 crore, riding on 13.3 per cent growth in revenue.
Consolidated revenues for the quarter came in at nearly Rs 1.20 trillion.
For the full year, the auto giant posted a 12-fold jump in net profit to Rs 31,806 crore.
Consolidated revenues for the full year were the highest ever at nearly Rs 4.38 trillion.
In FY24 the company had the best ever revenue; the highest ever earnings before interest, tax, depreciation and amortisation, or Ebitda (Rs 62,800 crore); the highest ever profit before tax and exceptional items (Rs 28,900 crore); the highest ever free cash flow for the auto business (Rs 26,900 crore); and the highest ever dividend payout (Rs 2,310 crore).
The stock reacted positively to the results, which came in line with analyst estimates, ending the day’s trade on the BSE at Rs 1,046.85, up 1.62 per cent.
The board of directors has recommended a final dividend of Rs 3 per Ordinary Share and Rs 3.10 per A Ordinary Share and a special dividend of Rs 3 per Ordinary Share and Rs 3.10 per A Ordinary Share subject to approval by the shareholders.
PB Balaji, group chief financial officer, said: “It is pleasing to report the results of FY24, during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. The India business is now debt-free, and we are on track to become net automotive debt-free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years.”
The company said it remained “cautiously optimistic” on domestic demand over the full year and expected H1FY25 to be “weaker”.
Jaguar Land Rover (JLR), the luxury car arm of Tata Motors, posted record Q4 revenues of £7.9 billion (up 11 per cent), and its Q4 profit after tax (PAT) was £1.4 billion versus profits of £259 million in the same quarter a year ago.
As for the passenger vehicles business, revenues grew 19.3 per cent in Q4FY24 to Rs 14,400 crore, while PAT came in at Rs 394 crore versus Rs 142 crore in the same quarter previous year.
In Q4, the passenger-vehicle (internal combustion engine) business delivered double-digit Ebitda margins and the electric-vehicle business was Ebitda positive (before research and development spend) at 1.1 per cent.
Shailesh Chandra, managing director Tata Motors PV and Tata Passenger Electric Mobility, said: “Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by sport utility vehicles (50 per cent of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6 per cent growth in wholesales and 10 per cent in retail sales over FY23. Our multi-powertrain approach and sharp focus on green technologies increased the penetration of CNG and electric vehicles to 29 per cent in the overall portfolio. We sold 73,800 electric vehicles during the year (up 48 per cent vs FY23) and crossed the milestone of 150,000 cumulative EV production.”
First Published: May 10 2024 | 8:51 PM IST