Tata Motors Ltd. (TML) shares its results for quarter ending June 30, 2023. Tata Motors continued its strong performance in Q1 FY24, with revenues at 102.2K Cr, EBITDA at 14.7K Cr, and EBIT of 8.3KCr. The company’s JLR business experienced a 57% increase in revenues to £6.9b, with EBIT margins of 8.6%.
CV volumes were lower by 15% due to BS6 Phase 2, but EBIT margins improved to 6.5%. The PV business experienced 11.1% revenue growth and EBIT of 1.0%. Overall, PBT (bei) improved by 10.3KCr to 5.3KCr, and net profit was 3.3KCr.
Despite near-term uncertainties, the company remains optimistic about demand and expects a moderate inflationary environment. They aim for strong performance in the rest of the year, citing a healthy order book, low-break-even in JLR, steady demand improvement, demand-pull strategy in CV, PV launches, and EV aggression. PB Balaji, Group Chief Financial Officer, Tata Motors said, “We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals.”