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Leading automobile manufacturer Tata Motors Ltd on Friday (February 2) reported a 137.5% year-on-year (YoY) jump in consolidated net profit at ₹7,025 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Tata Motors posted a consolidated net profit of ₹2,958 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹4,071 crore for the quarter under review.
The company’s consolidated revenue from operations increased 25% to ₹1.10 lakh crore against ₹88,489 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹1.07 lakh crore for the quarter under review.
At the operating level, consolidated EBITDA jumped 43% to ₹15,333 crore in the third quarter of this fiscal over ₹9,644 crore in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA of ₹13,880 crore for the quarter under review.
The consolidated EBITDA margin stood at 13.9% in the reporting quarter against 10.9% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 12.9% for the quarter under review.
PB Balaji, Group Chief Financial Officer, Tata Motors said, “It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans.”
JLR on fast lane
Jaguar Land Rover is on track to achieve its profitability and cash flow targets. The EBIT margin for FY24 is expected to be over 8% and the company continues to expect operating cash flow to support the net debt of less than £1 billion by the end of FY24 and positive net cash in FY25.
Tata Motors-owned Jaguar Land Rover’s (JLR) revenue increased 22% to £7.37 billion against £6.04 billion in the corresponding period of the preceding fiscal.
At the operating level, JLR’s EBITDA margin stood at 16.2% in the reporting quarter as compared to 11.9% in the corresponding period in the previous fiscal. CNBC-TV18 poll had predicted an EBITDA margin of 15.1% crore for the quarter under review.
Adrian Mardell, JLR chief executive officer, said, “We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year.
Sales of our modern luxury vehicles hit new records in the quarter and we are excited about the strong client interest for our soon-to-launch Range Rover Electric.”The results came after the close of the market hours. Shares of Tata Motors Ltd ended at ₹878.80, up by ₹0.45, or 0.051%, on the BSE.
