Riding on sharp improvements in performance of its British arm Jaguar Land Rover and commercial vehicles business, Tata Motors on Tuesday reported a consolidated net profit of Rs 3,300.65 crore in the first quarter ended June 30. The home-grown automaker had posted a consolidated net loss of Rs 4,950.97 crore in the same quarter last fiscal year, Tata Motors said in a regulatory filing.
Tata Motors consolidated revenue from operations stood at Rs 1,01,528.49 crore, as compared to Rs 71,227.76 crore in the year-ago period, it added. Total expenses were at Rs 98,266.93 crore, as against Rs 77,783.69 crore in the same quarter a year ago, the company said. On a standalone basis, loss after tax narrowed to Rs 64.04 crore, from Rs 181.03 crore in the year-ago period, the filing said. Standalone revenue from operations were at Rs 15,733.05 crore, as compared to 14,793.12 crore, it added.
Overall, Tata Motors said it continued its strong performance in Q1 FY24 showing a sharp improvement driven by JLR and commercial vehicles businesses, whilst the passenger vehicles business was steady, the company said.
“FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals,” Tata Motors Group Chief Financial Officer PB Balaji said.
JLR revenues in Q1 FY24 was at 6.9 billion pounds, up 57 per cent (y-o-y), while profit before tax was at 435 million pounds, it said, adding the higher profitability year-on-year reflects favourable volume, mix, pricing and foreign exchange revaluation offset partially by higher inflation and supplier claims.
“We have had a strong start to the financial year and delivered our highest production levels in nine quarters and our highest Q1 cash flow on record. This is testament to the thousands of determined people in the business working tirelessly to deliver every aspect of our Reimagine strategy,” JLR’s newly appointed CEO Adrian Mardell said.
On the outlook for JLR, the company said Q2 production and cash flow is expected to be lower than Q1, reflecting the annual summer plant shutdown, while wholesales and profitability are expected to be more in line with recent quarters.
Tata Commercial Vehicles revenue was up 4.4 per cent at Rs 17,000 crore with domestic wholesales at 82,400 units, down 14.1 per cent YoY, while domestic retails were at 77,600 units down 14.3 per cent, the company said.
Tata Motors’ Executive Director Girish Wagh said the company successfully upgraded its entire portfolio beyond the mandatory requirements for BS6 Phase 2 transition. “We were impacted in the earlier part of the quarter with availability issues due to this large transition but delivered sequentially improved performance as the quarter progressed,” he added.
“The Passenger Vehicle industry in Q1 FY24 witnessed robust demand driven by new launches, especially in the SUV segment and EVs…
“In line with industry trend, SUVs continued to spearhead (Tata Motors PV) sales contributing around 64 per cent while sales of cars were buoyed by the multi-power train offerings of the Tiago and Altroz,” Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.
Shares of Tata Motors closed at Rs 639.45 apiece, up 1.62 per cent on the BSE on Tuesday.
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