Tata Motors’ Net Profit Soars by 222%; More Than 73000 EVs Sold In FY24

Tata Motors reported a consolidated net profit of Rs 17,407.18 crore for the quarter that ended March 31 in the financial year 2023-24. Profit during the same period last year was Rs 5,407.79 crore, which marks a 222 per cent rise, a significant one at that. This growth has beaten all the expectations that were set by analysts. For the financial year 2023-24 therefore, Tata Motors' net profit stood at Rs 31,800 crore while revenue was at a record Rs 4,37,900 crore. 

Tata Motors continues to be the clear leader in the EV space with 73.1 per cent market share. The launch of the Punch.ev has been able to push the market share for the company although the company has not announced the impact of this launch. However, the growth in sales of EVs is a significant one, 48 per cent, according to Tata Motors. 

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Shailesh Chandra, Managing Director of TMPV and TPEM said, “We sold 73.8K EVs during the year (up 48% vs FY23) and crossed the milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual volumes of 573.5K units, growing by 6.0% over FY23.”

In Q4, passenger vehicle volumes were at 1,55,600 units a growth of 14.8 per cent year-on-year. The Nexon continued to be the highest-selling SUV in FY24 and along with the Punch was among the top 5 models sold in India.

The company is looking to launch the Curvv Coupe SUV (both ICE and EV), in the coming months, although the EV will launch first. 

Jaguar And Land Rover Sales

JLR continued its strong financial performance trend in the financial year, with another record-breaking quarter in Q4 FY24. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for FY24 were £29.0 billion - JLR’s highest-ever full-year revenue and up 27% compared to the prior year.

Adrian Mardell, JLR Chief Executive Officer, said, “We have delivered a record financial performance for the company, generating free cash flow of £2.3 billion, enabling us to reduce net debt to £0.7 billion.”

The Range Rover Electric has already garnered a lot of attention. According to the company, 28,700 people have already shown a lot of interest in the car and currently, the car is undergoing cold weather testing.