Tata Motors Q4 net triples to ₹17,407 crore as JLR unit buoys

The luxury Jaguar Land Rover unit posted a 11% YoY increase in revenue to £7.9 billion, helping lift overall profitability at the electric vehicles to trucks maker

Published - May 10, 2024 09:37 pm IST - MUMBAI

Tata Motors Ltd. reported fourth-quarter consolidated net profit surged more than threefold to ₹17,407.18 crore, from ₹5,407.79 crore in the year-earlier period, propelled by a strong showing at its Jaguar Land Rover (JLR) luxury unit and a surge in tax credit.

Consolidated revenue for the three months ended March 31 rose 13.5% year-on-year to ₹1,19,213.35 crore.

JLR logged “another record-breaking quarter” in Q4, the company said. Revenue for the quarter rose 11% YoY to £7.9 billion, which was 6% higher on a sequential basis.

“We have delivered a record financial performance for the company, generating free cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion, JLR CEO Adrian Mardell was quoted as saying in a statement.

For FY24, Tata Motors’ consolidated net profit vaulted more than 13-fold to ₹31,399.09 crore, from ₹2,414.29 crore in the previous year. Full-year revenue climbed 27% to ₹4,34,984.12 crore.

On a standalone basis, Tata Motors’ fourth-quarter net profit slid 21% YoY to ₹2,126.40 crore.

Full-year standalone net profit rose almost threefold to ₹7,902.08 crore, from ₹2,728.13 crore.

“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest-ever revenues, profits, and free cash flows,” Tata Motors Group CFO P.B. Balaji told participants on a post-earnings call. “The Indian business is now debt free and we are on track to become net automotive debt free on a consolidated basis in FY25,” he added.

“The businesses are executing well on their distinctive strength and therefore we are confident of sustaining this strong performance in the coming year,” Mr. Balaji observed.

“We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker,” the automaker said in the statement, commenting on the outlook for the current year. “The premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. Despite this we are confident of delivering a strong performance in FY25,” it added.

Tata Motors plans to separate its passenger vehicles business from its commercial vehicles division and make them two separately listed companies.

The Board has recommended a final dividend ₹6 per share of ₹2 each (₹3 normal dividend and ₹3 special dividend).

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