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Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance

Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance
  • Tata Motors posted a consolidated net profit of ₹3,203 crore in Q1, beating analyst expectations.
  • This quarter’s profits were driven by growth in domestic sales and improved performance of Jaguar Land Rover.
  • Total revenue from operations stood at ₹1.02 lakh crore in the first quarter as against ₹71,935 crore in the year-ago period.
Indian automaker Tata Motors has reported a consolidated net profit of ₹3,203 crore in the first quarter of the current financial year (Q1FY24) riding on an improved performance at its British subsidiary Jaguar Land Rover. In the same quarter last year, the company had reported a loss of ₹5,007 crore. Sectoral analysts had been expecting the reading at around ₹2,000 to 2,500 crore.

Total revenue from operations grew 42.1% YoY to ₹1.02 lakh crore in the first quarter as against ₹71,935 crore in the year-ago period.

On a standalone basis, the automaker reported a net loss of ₹64 crore for the period under review as against ₹181 crore loss in the first quarter of 2022-23.

“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,” said PB Balaji, Group Chief Financial Officer, Tata Motors.
JLR shifts gears
Tata Motors' British arm JLR reported a 57% increase in sales at 6,903 million pounds, when compared to the same period last fiscal. The operating margin, calculated as earnings before interest and taxes (EBIT) came in at 8.6% for the quarter under review.

JLR claims that it has had the highest production levels in nine quarters and thus achieved the highest Q1 cashflow on record.

"I am pleased to report a third consecutive quarter of strengthening financial performance for JLR... This is testament to the thousands of determined people in the business working tirelessly to deliver every aspect of our Reimagine strategy,” said Adrian Mardell, chief executive officer, JLR.
Tata Motors’ Q1 results compared

Particulars

Q1 FY24

Q1 FY23

Q4 FY23

Revenue

₹1,02,236 crore

₹71,935 crore

₹1,05,932 crore

Net profit

₹3,203 crore

-₹5,007 crore

₹5,408 crore


Source: Company reports

“We aim to deliver a strong performance in the rest of the year too, thanks to a healthy order book coupled with low-break-even in JLR, a steady improvement in demand whilst we continue to drive our demand-pull strategy in CV, a set of exciting launches ahead of the festive season in PV and continued aggression in EVs,” the company said in its exchange filing.

Shares of the company ended 1.62% up at ₹639.45 apiece ahead of the earnings report, on the BSE.

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