Tata Motors Q4 Results Highlights: Net profit jumps 218.9% to ₹17,528-cr on deferred tax adjustment, dividend announced

• Q4 FY24 revenue at ₹ 14,431 crore (+19.3%); EBITDA 7.3% (flat YoY); EBIT 2.9% (+150 bps); PBT ₹533 crore.
• FY24 revenue at ₹ 52,353 crore, (+9.4%); EBITDA 6.5% (+10 bps); EBIT 2.0% (+100 bps); PBT ₹ 1,423 crore.
• VAHAN registration market share increased to 13.9% in FY24. Number two player in H2 FY24 with 14.3% market share.
• Strong market leadership in EV at 73.1% despite increase in competition. EV penetration at 13%, CNG at 16% in FY24.
• Introduced twin cylinder iCNG technology in Tiago, Tigor, Punch, and Altroz enabling no compromise on boot space.
• Revolutionized the CNG segment in the country by introducing AMT in its CNG cars.
• Strong response to facelifted Nexon, Harrier and Safari -significant design changes and several futuristic technologies.
• New Nexon, Safari and Harrier receive GNCAP 5-star rating for both adult and child occupant protection. New Safari and Harrier secured highest score by an Indian Car in GNCAP and also became first recipients of BNCAP's 5-star rating.
• Commenced production at its state-of-the-art new facility in Sanand, Gujarat.

• Q4 FY24 revenue at ₹ 21,590 crore (+1.6%); EBITDA 12.0% (+190 bps); EBIT 9.6% (+100 bps); PBT ₹ 2.0K crore.
• FY24 revenue at ₹78,790 crore (+11.3%); EBITDA 10.8% (+340 bps); EBIT 8.2% (+300 bps); PBT ₹1,984 crore.
• Domestic Vahan market share at 39.1% in FY24. HGV+HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck market share continues to remain strong; SCV market share starting to improve.
• Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter technologies to deliver even better performance and value.
• Introduced technologically advanced, highly fuel efficient and reliable Turbotronn 2.0 engine, for 19-42 tonne range.
• Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT. Introduced Tata Magic bi-fuel.
• Fleet edge, the connected vehicle platform has now more than 6,00,000 vehicles.

Highlights

• Record Q4 and FY24 revenue of £7.9 billion and £29.0 billion respectively.
• PBT was £661 million in Q4; FY24 full year PBT was £2.2 billion, the highest since FY15.
• EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.
• Free cashflow was £892 million for Q4 and a record £2.3 billion for FY24. Net debt reduced to £0.7 billion.
• Order book around 133,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.

Financials

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.

PBT in Q4 was £661 million (+£293 million YoY) and EBIT margin was 9.2% in Q4, (+270bps yoy). The higher profitability yoy reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago. Profit after tax (PAT) in Q4 was £1.4 billion vs a profit of £259 million in the same quarter a year ago. PBT for FY24 was £2.2 billion – the highest since FY15; and PAT for FY24 was £2.6 billion. PAT also factors in the recognition of a deferred tax asset (DTA) of £1.0 billion due to a reassessment of future recoverability tax losses and allowances.

Free cash flow for the quarter was £892 million and £2.3 billion for the full year, the highest ever full year cash flow. The year ended with a cash balance was £4.2 billion and net debt £0.7 billion and a total liquidity was £5.7 billion, including the £1.5 billion undrawn revolving credit facility maturing April 1, 2026.

JLR CEO on Q4 results

Adrian Mardell, JLR Chief Executive Officer, said, "This has been a year of great strategic progress at JLR and I would like to thank our clients, our people, our suppliers and partners for their role in our success. We have delivered a record financial performance for the company, generating free cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion. The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement. We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024".

PB Balaji, Group Chief Financial Officer, Tata Motors said, "It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. The India business is now debt free, and we are on track to become net automotive debt free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years".

• Jaguar Land Rover revenue stood at £7.9 billion, up 10.7%; EBITDA at 16.3% (+150 bps); EBIT at 9.2% (+270 bps)
• Tata Commercial Vehicles revenue was ₹21,590 crore, up 1.6%; EBITDA at 12% (+190 bps); EBIT at 9.6% (+100 bps)
• Tata Passenger Vehicles revenue was ₹114,431 crore, up 19.3%; EBITDA at 7.3% (flat YoY); EBIT at 2.9% (+150 bps)

• Tata Motors enhances its electric last-mile mobility offering; launches the all-new Tata Ace EV 1000
• Tata Motors celebrates 9,00,000th vehicle rollout from its Lucknow facility
• Tata Motors registered total sales of 77,521 units in April 2024
• Tata Motors signs MoU with South Indian Bank for seamless commercial vehicle financing

• PB Balaji- Group Chief Financial Officer
• Girish Wagh- Executive Director
• Shailesh Chandra- Managing Director, Tata Motors Passenger Vehicles Limited (TMPVL) and Tata Passenger Electric Mobility Ltd (TPEM)
• Rajendra Petkar- President and Chief Technology Officer
• Rajesh Kannan- President and Chief Digital and Information Officer
• Sitaram Kandi- Chief Human Resources Officer

• Share price: ₹1,034 (0.4%)
• Open: ₹1,037
• High: ₹1,048
• Low: ₹1,030
• Previous close: ₹1,030
• Total market cap: ₹3,43,923 crore
• Free float market cap: ₹1,82,314 crore

• Natarajan Chandrasekaran- Non-Executive Director and Chairman
• OP Bhatt- Non-Executive, Independent Director
• Hanne Birgitte Sorensen- Non-Executive, Independent Director
• Vedika Bhandarkar- Non-Executive, Independent Director
• Kosaraju Veerayya Chowdary- Non-Executive, Independent Director
• Al-Noor Ramji- Non-Executive, Independent Director
• Girish Wagh- Executive Director
• Usha Sangwan- Non-Executive, Independent Director

• Jaguar Land Rover Automotive Plc
• Tata Motors Passenger Vehicles Limited
• Tata Passenger Electric Mobility Limited
• Tata Motors Body Solutions Limited
• Tata Daewoo Commercial Vehicle Company Limited

• Share price: ₹1,035
• Open: ₹1,037
• High: ₹1,048
• Low: ₹1,030
• Previous close: ₹1,030
• Total market cap: ₹3,44,223 crore
• Free float market cap: ₹1,82,385 crore

Tata Motors is one of India's largest automobile manufacturers wich a rich history dating back to 1945. It is a part of the Tata Group, a conglomerate with diverse interests ranging from steel to information technology. The carmaker is known for its wide range of vehicles, including cars, trucks, buses, and military vehicles. It has a global presence with operations in several countries.