Tata Motors Ltd. (TML) has released its results for the quarter ending on September 30, 2023. TML maintained its strong performance in Q2 FY24, achieving revenues of 105.1K Cr, a 32.1% increase. TML’s Q2 FY24 EBITDA and EBIT increased by 86.4% and 7.8KCr respectively, indicating profitable growth in all auto verticals.
PBT (bei) experienced a substantial increase of 7.9KCr to 6.1KCr, resulting in a net profit of 3.8KCr. The business achieved a strong PBT of 11.4KCr in H1 FY24, an 18.2KCr improvement from the previous year, and reduced net automotive debt to 38.7KCr.
JLR revenues increased 30.4% to £6.9b, driven by strong wholesales and improved mix, resulting in EBIT margins of 7.3% (+630bps). CV revenues increased by 22.3% and EBIT by 7.9% (+560bps), largely due to higher realisations, a more diverse mix, and favorable commodity prices. PV revenues decreased by 3.0% due to new launches, while EBIT margins improved by 140 bps to 1.8% due to cost savings. PB Balaji, Group Chief Financial Officer, Tata Motors said: “With a strong product pipeline, a seasonally stronger H2 and continued focus on cash accretive growth, we are confident of sustaining this momentum.”
