Tata Motors is India’s second-largest carmaker by market value after Maruti Suzuki and dominates the EV segment.Jaguar Land Rover, known for the Range
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Tata Motors has ended Q4 with a consolidated net profit of ₹17,529 crore, a three-fold increase compared to the same quarter last year. The big jump in profit was possible due to yet another record-breaking quarter for Tata Motors’ luxury car wing Jaguar Land Rover. The British carmaker contributed about two-thirds of Tata’s consolidated revenue. Tata Motors said the Q4 results showed all three of its auto businesses have delivered a strong performance during the first three months of the year.
Tata Motors made the announcement today in a regulatory filing. The carmaker said the massive increase in profit was possible due to tax credit surge and strong sales at its luxury unit Jaguar Land Rover. Tata saw its consolidated revenue from operations grow to ₹1,19,986.31 crore from ₹1,05,932.35 crore during the same period last year. Between January and March last year, Tata had clocked consolidated net profit of ₹5,496 crore.
The icing on the cake for Tata was the performance of its British arm Jaguar Land Rover (JLR). Known as the maker of Ranger Rover and Defender SUVs, JLR was the key to Tata Motors’ success in last quarter, forming about two-thirds of its consolidated revenue. In yet another record-breaking quarter, JLR saw its revenue climb 7.9 billion pounds, an increase of around 11 per cent compared to the same period last year. Its profit stood at 1.4 billion pounds, a leap from 259 million pounds in the same quarter a year ago. Rise in demand for JLR’s luxury vehicles, led by Range Rover and Defender, made it possible for the carmaker to clock record revenue.
The passenger vehicles business of Tata Motorts saw revenue of ₹14,400 crore. During this period, Tata sold more than 1.55 lakh cars, a jump of nearly 15 per cent compared to the same period last year. “Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50 per cent of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6 per cent growth in wholesales and 10 per cent in retail sales over FY23,” Sailesh Chandra, Managing Director at Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said. During this period, Tata sold 73,800 electric vehicles, an increase of 48 per cent. Tata has also hit a milestone of manufacturing 1.5 lakh EVs, the highest by a carmaker in India.
First Published Date: 10 May 2024, 17:30 PM IST