Tata Motors March '24 Domestic sales Up 2% YoY

The auto major's total domestic sales rose 2% to 90,822 units sold in March 2024 as against 89,351 units sold in March 2023.

Tata Motors March '24 Domestic sales Up 2% YoY

Mumbai- Tata Motors Limited., said that its sales in the domestic and international market for Q4 FY24 stood at 2,65,090 vehicles compared with 2,51,822 units during Q4 FY23, up 5.27% year on year (YoY).

Total domestic sales for the auto major increased by 2% in March 2024 compared to March 2023, with 90,822 units sold versus 89,351 units sold in the same period last year. 

Total domestic sales also increased by 7.06% compared to February 2024, with 90,822 units sold in March versus 84,834 units sold in February. 

Total commercial vehicle (CV) sales (domestic + exports) declined by 10% in March 2024 compared to March 2023, with 42,262 units sold versus 46,823 units sold in the same period last year. 

Domestic CV sales specifically decreased by 10% in March 2024 compared to March 2023, with 40,712 units sold versus 45,307 units sold in the same period last year. 

However, there was a 2% increase in CV exports, with 1,550 units exported in March 2024 compared to 1,516 units in March 2023.

Mr. Girish Wagh, executive director of Tata Motors, said that, In H2 FY24, YoY sales growth slowed due to a high base, state elections, and anticipation of General Elections. Q4 FY24 domestic sales decreased slightly to 1,04,922 units. M&HCV segment contracted by 6%, while Passenger Commercial Vehicles surged by 38%. Small and light commercial vehicles dropped by 10% due to financing constraints. Expectations for Q2 FY25 include boosted commercial vehicle demand driven by GDP growth and government incentives. In March 2024, total PV sales increased by 14% to 50,297 units, with domestic PV sales rising by 14% to 50,110 units. Total EV sales also grew by 4% to 6,738 units compared to March 2023.

Mr. Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said that, In FY24, Indian passenger vehicle sales are expected to hit a record high of over 4.2 million units, driven by strong SUV sales and increasing demand for emission-friendly powertrains. Traditional fuel-powered car sales have plateaued, with growth primarily coming from eco-friendly alternatives. Tata Motors Passenger Vehicles (including EVs) achieved its highest-ever sales, with a 6% increase in wholesales and a 10% increase in retail sales compared to FY23. In Q4 FY24, Tata Motors recorded its highest-ever wholesales of 1,55,651 units, with EV sales growing by 29% compared to Q4 FY23.

Expect strong demand for passenger cars ahead, with potential single-digit growth due to the high base effect. Double-digit growth anticipated for cars with emission-friendly powertrains, driven by rising preference for safety and eco-friendliness, new launches, and enhanced value proposition.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

The auto major posted a consolidated net profit of Rs 7,025.11 crore in Q3 FY24, significantly up from Rs 2,957.71 crore in Q3 FY23. Revenue from operations increased by 25.07% YoY to Rs 1,09,799.22 crore in the quarter ending December 31, 2023.