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Automobiles company Tata Motors announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue: Rs 120.0K crore, up 13.3%.
- EBITDA: Rs 17.9K crore, up 26.6%.
- EBIT: Rs 11.0K crore, an increase of Rs 3.8K crore.
- PBT (bei): Rs 9.5K crore, an increase of Rs 4.4K crore.
- Net Profit: Rs 17.5K crore, an increase of Rs 12.0K crore.
- Net automotive debt: reduced to Rs 16.0K crore.
FY24 Financial Highlights:
- Revenues: Rs 437.9K crore, marking a record high.
- EBITDA: Rs 62.8K crore, the highest ever.
- PBT (bei): Rs 28.9K crore, also the highest ever.
- Net Profit: Rs 31.8K crore, achieving a significant increase over the previous year.
- Deferred Tax Asset: Recognized at Rs 8.3K crore at JLR and TML, aided by the strong performance.
- The Board of Directors have 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.
JLR(Jaguar Land Rover) Financial Hightlights:
- Record Q4 and FY24 revenue of GBP 7.9 billion and GBP 29.0 billion respectively.
- PBT (bei) was GBP 661 million in Q4; FY24 full year PBT (bei) was GBP 2.2 billion, the highest since FY15.
- EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.
- Free cashflow was GBP 892 million for Q4 and a record GBP 2.3 billion for FY24. Net debt reduced to GBP 0.7 billion.
- Order book around 1,33,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.
Tata Commercial Vehicles Financial Highlights:
- Q4 FY24 revenue at Rs 21.6K crore ( 1.6%), EBITDA 12.0% ( 190 bps), EBIT 9.6% ( 100 bps), PBT (bei) Rs 2.0K crore.
- FY24 revenue at Rs 78.8K crore ( 11.3%), EBITDA 10.8% ( 340 bps), EBIT 8.2% ( 300 bps), PBT (bei) Rs 6.1K crore.
- Domestic Vahan market share at 39.1% in FY24. HGV HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck market share continues to remain strong; SCV market share starting to improve.
- Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter technologies to deliver even better performance and value.
Tata Passenger Vehicles Financial Highlights:
- Q4 FY24 revenue at Rs 14.4K crore ( 19.3%), EBITDA 7.3% (flat YoY), EBIT 2.9% ( 150 bps), PBT (bei) Rs 0.5 K crore.
- FY24 revenue at Rs 52.4K crore, ( 9.4%), EBITDA 6.5% ( 10 bps), EBIT 2.0% ( 100 bps), PBT (bei) Rs 1.4 K crore.
- VAHAN registration market share increased to 13.9% in FY24. #2 player in H2FY24 with 14.3% market share.
- Strong market leadership in EV at 73.1% despite increase in competition. EV penetration at 13%, CNG at 16% in FY24.
- Introduced twin cylinder iCNG technology in Tiago, Tigor, Punch, and Altroz enabling no compromise on boot space.
- Revolutionized the CNG segment in the country by introducing AMT in its CNG cars.
PB Balaji, Group Chief Financial Officer, Tata Motors said: “It is pleasing to report the FY24 results 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.”
Adrian Mardell, JLR Chief Executive Officer, said: “This has been a year of great strategic progress at JLR and I would like to thank our clients, our people, our suppliers and partners for their role in our success. We have delivered a record financial performance for the company, generating free cashflow of GBP 2.3 billion, enabling us to reduce net debt to GBP 0.7 billion. The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement. We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”
Girish Wagh, Executive Director Tata Motors Ltd said: “The Indian CV industry grew by a modest 2% in volumes during FY24, impacted by a high base effect of FY23, elections held across 5 states and the announcement of general elections. At Tata Motors, we strengthened our portfolio with the introduction of new passenger and cargo mobility solutions, stepped-up the thrust on digitalization, enriched customer engagement and experience with stronger partnering and made holistic progress on our sustainability agenda. Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of Rs 78.8K crore and profits of Rs 6.1K crore in FY24. Going forward, we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more value to customers with innovative products, smarter services and holistic mobility solutions.”
Shailesh Chandra, Managing Director TMPV and TPEM said: “Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50% of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6% growth in wholesales and 10% 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% in the overall portfolio. We sold 73.8K EVs during the year (up 48% vs FY23) and crossed milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual volumes of 573.5K units, growing by 6.0% over FY23, and recorded highest ever profits of Rs 1.4K crore.”
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