Tata Motors reports net profit of Rs 3,764 crore in Q2 FY24
All automotive verticals continued their profitable growth trajectory.
Tata Motors has reported its financial results for Q2 FY2024. The company reported revenue of Rs 1.04 lakh crore as against Rs 78,846 crore a year ago, the net profit came at Rs 3,764 crore as against a loss of Rs 944.61 crore for the same period last year.
The company noted that all its auto verticals continued on their growth trajectory. “This is a particularly pleasing quarter for us, because all the elements of the strategies that we have been working on, have played out exactly the way we wanted, and therefore the numbers speak for themselves,” said PB Balaji.
Tata Commercial vehicles reported a growth of 22%, an EBITDA of 10.4%, higher by 540 basis points, EBIT of 7.9%, higher by 550 basis points.
JLR continued its strong performance of recent quarters with another set of positive results assupply constraints continue to ease, enabling more vehicles to be delivered to clients. Revenue in Q2 FY24 was £6.9 billion, up 30% vs. Q2 FY23 and flat compared to Q1 FY24, impacted by the planned summer shutdowns. EBIT margin was positive 7.3%, up from 1.0% a year ago, but slightly down from 8.6% in the first quarter. The higher profitability year-on-year reflects favourable volume, mix, pricing, and foreign exchange revaluation offset partially by higher fixed marketing and selling costs.
Adrian Mardell, JLR Chief Executive Officer, said: “I am pleased to announce another strong quarter of financial and operational progress for JLR. We have delivered our best ever cashflow in the first half of this financial year and delivered another profitable quarter due to the strength of our financial performance. These results demonstrate the huge desirability of our modern luxury product portfolio and the skill of our hard-working teams who have increased production to ensure we can satisfy the substantial demand for our cars more quickly.”
“On outlook, we remain optimistic about the demand situation, despite external challenges, and expect a moderate inflationary environment to continue,” said PB Balaji.
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