Tata Motors’ Posts Net Profit Of Rs. 3203 Crore In Q1 FY23-24

Tata Motors today announced a consolidated net profit of Rs 3,203 crore for the quarter ended June. This is higher than expected according to the carmaker. Its revenues from operations in Q1 FY23-24 grew by 42 per cent to Rs. 1.02 lakh crore. EBITDA for the quarter stood at Rs 14,700 crore, up 177 per cent. In the first quarter of the last financial year, Tata Motors had posted a loss of Rs. 5006 crore with revenues of Rs 71,934.66 crore. The jump in Q1 FY23-24 revenues have been significant and they stand at Rs. 1.02 lakh crore up by Rs. 14,200 crore compared to Q1 FY22-23.

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P.B. Balaji, Group Chief Financial Officer, Tata Motors said, “FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieve our stated goals.”

A sharp improvement in British arm Jaguar Land Rover’s performance, coupled with robust commercial and passenger vehicle business in India led the all-round show for the automaker. JLR revenues improved by 57 per cent to £6.9 billion on strong wholesales. The company’s commercial vehicle volumes, however, were lower by 15 per cent compared to the same period last year due to transition to BS6 Phase 2.

Exports declined a sharp 32 per cent year on year because of subdued economic conditions in overseas markets as well.