Tata Motors registers 5% growth YoY in Q4 domestic sales

Tata Motors Ltd reported 5% growth in domestic sales volume year-on-year for the quarter ending March 31, 2024 (Q4FY24).

In its sales report for Q4FY24, released on Monday, April 1, the automaker reported total domestic sales of 2.59 lakh vehicles in the March 2024 quarter compared to 2.47 lakh units in the same period a year ago.

The company’s total sales volume, both domestic and international, for Q4FY24 stood at 2.65 lakh units as against 2.51 lakh units in the corresponding year-ago period.

Tata Motors’ total passenger vehicle (PV) sales came in 15% higher on a YoY basis in Q4FY24 at 1,55,651 units, while a 6% drop was recorded in the total sales figure for commercial vehicles (CV) at 1,09,439 units in the quarter.

The company made total domestic sales of 9.49 lakh units in FY24, marginally up by 2% from 9.31 lakh units sold in FY23. The figure stood at 90,822 units for the month of March 2024, a similar 2% rise from the same month last year.

Tata Motors’ electric vehicle (EV) sales increased sharply by 48% in FY24 to 73,833 units from 50,043 units in the preceding fiscal. The company reported a 29% YoY growth in EV sales for the March 2024 quarter as the total volume stood at 20,640 units.

A notable rise in sales volume was seen in the auto major’s ‘Passenger Carriers’ category, which witnessed a sharp 47% rise for the month of March 2024, selling 5,854 units compared to 3,973 units in March 2023. A 38% increase in sales was seen in Q4 FY24 with 14,418 units sold in the period, while the segment reported a healthy 26% jump in sales figure for FY24 at 43,489 units versus 34,627 units in the previous fiscal year.

“FY24 began on a promising note for the commercial vehicles industry with the industry expecting to scale the previous volume peak achieved in FY19. The trend of YoY sales growth in volumes across most segments of H1FY24 moderated in H2 due to the combined effects of a high base, elections held across 5 states in Q3FY24 and upcoming General Elections in Q1FY25,” said the Executive Director of Tata Motors, Girish Wagh on April 1, 2024.

Shares of Tata Motors closed at ₹994 apiece, up 0.12%, on the NSE.