Tata Motors Consolidated Q1 FY24 Results

TML continued its strong performance in Q1 FY24 with Revenues at ₹102.2K Cr (up 42% yoy), EBITDA at ₹14.7K Cr (up 177% yoy) and EBIT of ₹8.3KCr (higher by ₹8.8KCr), all showing a sharp improvement driven by JLR and CV businesses whilst the PV business was steady. JLR revenues improved by 57% to £6.9b on strong wholesales and improved mix resulting in EBIT margins of 8.6% (+1,300bps). CV volumes were lower by 15% over prior year due to transition to BS6 Phase 2. However, the EBIT margins improved to 6.5% (+370bps) benefiting from the demand-pull strategy and richer mix. PV business was steady with 11.1% revenue growth and EBIT of 1.0% (+10bps). Overall PBT (bei) improved by ₹10.3KCr to ₹5.3KCr and Net Profit was ₹3.3KCr

JLR Revenue £6.9b up 57.0%, EBITDA at 16.3% (+960 bps), EBIT at 8.6% (+1300 bps)

Tata CV Revenue ₹17.0K Cr, up 4.4%, EBITDA at 9.4% (+390 bps), EBIT at 6.5% (+370 bps)

Tata PV Revenue ₹12.8K Cr, up 11.1%, EBITDA at 5.3% (-80 bps), EBIT at 1.0% (+10 bps