Other income up 565.22% to Rs 1989 crore. PBIDT rose 146.77% to Rs 3894 crore. Provision for interest fell 16.50% to Rs 344 crore.
PBDT rose 204.46% to Rs 3550 crore. Provision for depreciation down 3.83% to Rs 477 crore.
Profit before tax grew 358.66% to Rs 3,073.00 crore. Extraordinary items were increased to Rs -38.00 crore. Provision for tax was expense of Rs 845 crore, compared to Rs 86 crore. Effective tax rate was 27.84% compared to 390.91%.
Profit after tax reported profit of Rs 2,190.00 crore compared to loss of Rs 64.00 crore.
Promoters’ stake was 46.36% as of 30 June 2024 ,compared to 46.39% as of 30 June 2023 .
Net sales (including other operating income) of Tata Motors has increased 11.48% to Rs 73,303.00 crore. Operating profit margin has jumped from 6.89% to 10.39%, leading to 68.06% rise in operating profit to Rs 7,615.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.69% to 60.92%. Purchase of finished goods cost rose from 10.05% to 10.51%. Employee cost decreased from 6.16% to 5.83%. Other expenses rose from 12.15% to 12.44%. Other direct service cost rose from 1.38% to 1.50%. Preoperation capitalised expenses fell from 1.63% to 1.53%.
Other income up 40.08% to Rs 1150 crore. PBIDT rose 63.77% to Rs 8765 crore. Provision for interest fell 16.68% to Rs 1706 crore. Loan funds declined from Rs 19,278.69 crore as of 31 March 2023 to Rs 14,190.64 crore as of 31 March 2024. Inventories rose to Rs 3,470.38 crore as of 31 March 2024 from Rs 3,027.90 crore as of 31 March 2023. Sundry debtors were higher at Rs 2,765.16 crore as of 31 March 2024 compared to Rs 2,307.72 crore as of 31 March 2023. Cash and bank balance rose to Rs 5,150.96 crore as of 31 March 2024 from Rs 1,414.65 crore as of 31 March 2023. Investments declined from Rs 32,324.58 crore as of 31 March 2023 to Rs 32,309.07 crore as of 31 March 2024.
PBDT rose 113.62% to Rs 7059 crore. Provision for depreciation rose 14.16% to Rs 2017 crore. Fixed assets declined from Rs 12,704.79 crore as of 31 March 2023 to Rs 12,635.29 crore as of 31 March 2024. Intangible assets increased from Rs 2,922.48 crore to Rs 2,942.71 crore.
Profit before tax grew 227.91% to Rs 5,042.00 crore. Provision for tax was credit of Rs 51 crore, compared to credit of Rs 1473.33 crore. Effective tax rate was negative 0.65% compared to negative 117.42%.
Profit after tax rose 189.65% to Rs 7,902.00 crore.
Promoters’ stake was 46.36% as of 31 March 2024 ,compared to 46.39% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 8,661.71 crore for year ended March 2024 from Rs 4,775.43 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,991.27 crore, compared to Rs 1,697.36 crore during the year ended March 2023.
Other highlights
In Q1 FY25, JLR revenues improved 5.4% to £7.3b driven by favorable volume, mix and material cost improvements. Company’s CV Revenue increased 5.1% YoY and PV Revenue fell 7.7% YoY. The Board has approved the Scheme of Demerger of Tata Motors into two separate listed companies and is expected to conclude in the next 12 to 15 months. The merger of Tata Motors Finance with Tata Capital is also underway and expected to conclude over the course of next 9 to 12 months. The company expects the process of cancellation of DVR and issuance of ORD shares to be completed in about 2 months. In Q1 FY25, its Passenger vehicles EV volumes stood at 16.6K units, down 13.9% YoY due to sharp decline in fleet segment. The company’s EV penetration remained steady at 12%. CNG penetration increased from 16% in FY24 to to 22% in Q1 FY25.Management Comments :
PB Balaji, Group Chief Financial Officer, Tata Motors said: “The first quarter has carried forward the momentum of last year with all businesses continuing to deliver on their distinctive strategies. We are confident of sustaining the performance in the coming quarters and delivering a strong year.” Adrian Mardell, JLR Chief Executive Officer, said: “Thanks to the hard work and commitment of our people, JLR has delivered an outstanding set of results in the first quarter, with record revenues and an increase in year-on-year quarterly profits of nearly 60 per cent. We are making great progress delivering our Reimagine strategy. Our Jaguar TCS Racing Formula E Team, pioneers in electric technology innovation, are winners of this year’s ABB FIA Formula E Team and Manufacturer’s World Championships. We are bringing the lessons learned from this success on the racetrack to our luxury electric vehicles and later this year we will unveil our first next generation luxury electric vehicle, Range Rover Electric, which has more than 41,000 customers on its waiting list.” Girish Wagh, Executive Director Tata Motors said: “Q1 FY25 registered a positive start for the Indian commercial vehicles sector. Tata Motors recorded commercial vehicles domestic sales of 87,615 units, ~7% higher than Q1 FY24 sales. Overall positive market sentiment arising from increased economic activity, continuing infrastructure development, and growing demand of e-commerce, auto aggregates and LPG segments led to sales improving across most segments – HCV, MCV and CV Passenger. The business delivered strong EBITDA margins of 11.6% in Q1 FY25. Looking ahead, the widespread onset of monsoon, expectations of policy continuity in the forthcoming budget and thrust on infrastructure should be conducive towards improving overall demand for commercial vehicles. We will continue to drive our demand-pull strategy, step up customer engagement and improve competitiveness while closely tracking any emerging headwinds arising from interest rates, fuel prices and inflation.” Shailesh Chandra, Managing Director TMPV and TPEM said: “The Passenger Vehicle industry in Q1 FY25 witnessed retails (registrations) moderating, impacted by the general elections and intense heat waves across the country. Tata Motors sales of 138,682 cars and SUVs was slightly lower compared to Q1 FY24, as we proactively readjusted our wholesales in line with retails to keep channel inventory under control. Our multi-powertrain strategy and strong portfolio of SUVs led to steady sales. While the personal segment retails have grown for EVs, there was a sharp decline witnessed in the fleet segment. Going forward, we expect an improvement in overall sales on the back of the onset of the festive season and the launch of Curvv, India’s first SUV Coupe.”
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