Tata Motors Consolidated Q4 FY24 record Revenues & Profits

Mumbai- Tata Motors Ltd., a commercial vehicle manufacturer, announced its results for quarter ended March 31, 2024. consolidated for FY2024, achieved record revenues of INR 437.9K Cr, with an all-time high EBITDA of INR 62.8K Cr. The company saw its Profit Before Tax (PBT) surge to INR 28.9K Cr, while net profit reached INR 31.8K Cr. In Q4 FY24, TML reported revenue of INR 120.0K Cr, with EBITDA at INR 17.9K Cr and EBIT at INR 11.0K Cr. PBT (bei) stood at INR 9.5K Cr, and net profit was INR 17.5K Cr, with net automotive debt reducing to INR16.0K Cr. Overall, TML's strong performance reflects its resilience and strategic effectiveness in navigating market dynamics.

The Board of Directors has proposed a final dividend of ₹3 per Ordinary Share and ₹3.10 per A Ordinary Share, along with a special dividend of the same amounts, pending shareholder approval.

Mr. 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.”

In Q4 FY24, Jaguar Land Rover (JLR) achieved record revenue of £7.9 billion, up 11% YoY and 6% QoQ. FY24 revenue hit £29.0 billion, a 27% YoY increase. Q4 saw PBT of £661 million (+£293 million YoY) and PAT of £1.4 billion. FY24 PBT was £2.2 billion, with PAT at £2.6 billion, including a £1.0 billion deferred tax asset. Full-year free cash flow reached £2.3 billion, with a cash balance of £4.2 billion and net debt of £0.7 billion. Total liquidity, including a revolving credit facility, stood at £5.7 billion. 

Mr. 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 £2.3 billion, enabling us to reduce net debt to £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.”

The green transformation at Tata Motors continued with highlights including the showcasing of advanced and eco-friendly commercial vehicles at the Bharat Mobility Global Expo 2024, delivery of green-fuel powered CVs to Tata Steel, and the inauguration of facilities for hydrogen-based internal combustion engines. Over 4300 ACE EVs and 2600+ EV buses are operational, with impressive uptime. In financials, Q4 FY24 saw domestic wholesale CV volumes at 104.6K units, a 7% YoY decrease, while revenues improved by 1.6% YoY to INR 21.6K Cr. EBITDA and EBIT margins increased, with overall volumes declining by 4% for the full year but HCV volumes increasing by 5%.

Mr. 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 ₹78.8K Cr and profits of ₹6.1K Cr 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.”

In Q4 FY24, Tata Motors' Passenger Vehicle (PV) segment reported revenue of ₹14.4K Cr, up 19.3% YoY, with EBITDA margin flat at 7.3% and EBIT margin up 150 bps to 2.9%. For FY24, revenue reached ₹52.4K Cr, a 9.4% increase, with EBITDA margin at 6.5% and EBIT margin at 2.0%, both showing improvement. The company saw increased market share in vehicle registrations and strong leadership in the EV segment, with several models receiving top safety ratings. Additionally, Tata Motors continued its green transformation, extending the range of Nexon.ev and introducing the Punch.ev on the advanced Pure EV architecture. Financially, the PV segment saw double-digit EBITDA margins in Q4 and achieved its highest ever PBT (bei) for the full year.

Mr. 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 ₹1.4K Cr.”