Tata Motors Q4 consolidated net profit jumps over 3-fold to Rs 17,528.59 Cr

Tata Motors has reported an over three-fold jump in consolidated net profit at Rs 17,528.59 crore in the fourth quarter ended March 31, 2024, with all three of its auto businesses delivering a strong performance, specially the British arm Jaguar Land Rover.

The company had posted a consolidated net profit of Rs 5,496.04 crore in the same quarter of the previous fiscal, Tata Motors said in a regulatory filing.

Total consolidated revenue from operations stood at Rs 1,19,986.31 crore, compared to Rs 1,05,932.35 crore in the year-ago period.

Tata Motors said all three auto businesses delivered a strong performance in Q4 of FY24. The company's British arm Jaguar Land Rover (JLR) had "another record-breaking quarter" in Q4 FY24, it said.

"Revenue for the quarter was 7.9 billion pounds, up 11% versus Q4 FY23," Tata Motors said.

JLR's profit after tax (PAT) in Q4 was 1.4 billion pounds as against a profit of 259 million pounds in the same quarter a year ago, it added.

The company's 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.

For the fiscal ended March 31, 2024, consolidated net profit was at Rs 31,806.75 crore, compared to Rs 2,689.87 crore in the previous fiscal, the company said.

In FY24, total consolidated revenue from operations stood at Rs 4,37,927.77 crore, compared to Rs 3,45,966.97 crore in FY23.

Tata Motors Group Chief Financial Officer, PB Balaji, said that in FY24 the 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," he added.

JLR's revenues for FY24 were 29 billion pounds, its highest-ever full-year revenue, and up 27% compared to the prior year, while PAT for FY24 was 2.6 billion pounds.

"We have delivered a record financial performance for the company, generating free cash flow of 2.3 billion pound, enabling us to reduce net debt to 0.7 billion pound," JLR Chief Executive Officer Adrian Mardell said.

The foundation of this performance was the sustained global demand for JLR's modern luxury vehicles, led by Range Rover and Defender brands, underpinned by a consistent focus on operational improvement, he added.

Tata Commercial Vehicles' Q4 FY24 revenue was Rs 21,600 crore, while FY24 revenue was Rs 78,800 crore.

In Q4 FY24, domestic wholesale commercial vehicles (CV) volumes were 1,04,600 units, 7% lower year-on-year on account of increased pre-buy in Q4 FY23 due to BS6 Phase II transition, the company said.

Tata Motors Ltd Executive Director Girish Wagh 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 five states, and the announcement of general elections.

"Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of Rs 78,800 crore and profits of Rs 6,100 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," he added.

Tata Passenger Vehicles clocked a revenue of Rs 14,400 crore in Q4 while for the full year FY24 it was at Rs 52,400 crore.

In Q4, passenger vehicle (PV) volumes were at 1,55,600 units, up 14.8% from the year-ago period, supported by new SUV facelifts and multiple power trains, the company 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,"said Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility Managing Director Shailesh Chandra.

The company sold 73,800 EVs during the year, marking a 48% increase compared to FY23 and crossed a milestone of 1.5 lakh cumulative EV production, he added.