Tata Motors Consolidated: For FY24, TML reported record revenues of ? 437.9K Cr, an all-time high EBITDA at ? 62.8K Cr, highest ever PBT (bei) of ?28.9K Cr (+?27.1K Cr over the previous year) and net profit of ?31.8K Cr (+?29.1K Cr over the previous year). The strong performance has also helped to recognize a Deferred Tax Asset of ?8.3K Cr at JLR and TML.
In Q4 FY24, TML delivered a strong performance with revenue of ?120.0K Cr (up 13.3%), EBITDA at ?17.9K Cr (up 26.6%) and EBIT of ?11.0K Cr (+?3.8K Cr) with all three auto businesses delivering a strong performance. PBT (bei) stood at ?9.5K Cr (+?4.4K Cr) and net profit was ?17.5K Cr (+?12.0K Cr). Net automotive debt reduced further to ?16.0K Cr.
Dividends: The Board of Directors have recommended a final dividend of ? 3/- per Ordinary Share and ?3.10 per A Ordinary Share and a special dividend of ? 3/- per Ordinary Share and ?3.10 per A Ordinary Share subject to approval by the shareholders.
Looking Ahead: We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker.? The premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. ?Despite this, we are confident of delivering a strong performance in FY25.
JAGUAR LAND ROVER (JLR)
Highlights
Record Q4 and FY24 revenue of
PBT (bei) was
EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.
Free cashflow was
Order book around 133,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.
Reimagine Transformation continues.
Record Range Rover wholesale and retail sales for Q4 and FY24.
Range Rover SV demand more than doubles to 4,099 units in FY24, including sale of 20 Range Rover SV Bespoke Sadaf editions which sold out at around
New Defender OCTA to be revealed on
Investment of
Launched three new
Energy storage systems using second life Range Rover, Range Rover Sport PHEV and I-Pace batteries, developed.
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
PBT (bei) in Q4 was
Free cash flow for the quarter was
Looking ahead
We will continue to focus on brand activation to maintain order book. We expect EBIT margins in FY25 to be around the FY24 level. We anticipate a modest increase in investment spend to
TATA COMMERCIAL VEHICLES (TATA CV)
Highlights
Q4 FY24 revenue at ? 21.6K Cr (+1.6%), EBITDA 12.0% (+190 bps), EBIT 9.6% (+100 bps), PBT (bei) ? 2.0K Cr.
FY24 revenue at ? 78.8K Cr (+11.3%), EBITDA 10.8% (+340 bps), EBIT 8.2% (+300 bps), PBT (bei) ? 6.1K Cr.
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
Fleet edge, the connected vehicle platform has now more than 600K vehicles.
Green transformation continues
Showcased India's 10 most advanced, efficient and eco-friendly CV's at Bharat Mobility Global Expo 2024, including Prima 5530.S LNG, industry first H2ICE truck, E-mobility concept tipper, Magna EV, Ace and Intra bi-fuel.
Delivered green-fuel powered CV's to
TCPL Green Energy Solutions inaugurated facility to produce Hydrogen based internal combustion engines.
Unveiled 2 state-of-the-art facilities for development of Hydrogen propulsion technologies.
Over 4300 ACE EV's plying delivering 99% uptime resulting in repeat purchases. Higher payload variant launched.
2600+ EV buses are operational. TML e-bus fleet cumulatively crossed 140 million Kms with >95% uptime.
Financials
In Q4 FY24, domestic wholesale CV volumes were 104.6K units, lower 7% yoy on account of increased pre-buy in Q4 FY23 due to BS6 Phase II transition. Exports were at 4.5K units increasing 13% yoy. However, revenues improved by 1.6% yoy to ?21.6K Cr on account of improved pricing and lower VME's. EBITDA and EBIT margins of 12.0% (up 190 bps yoy) and 9.6% (up 100 bps yoy), respectively were delivered. For the full year, while overall volumes declined by 4%, HCV volumes increased by 5%.
Looking ahead
With promising GDP growth outlook, incentives from government to improve productivity in both manufacturing and agriculture sectors, and continuing focus on infra, demand for CV's is expected to improve from H2 FY25. We remain cautiously optimistic about domestic demand while keeping a close watch on geopolitical developments, interest rates, fuel prices and inflation. We will continue to deliver strong EBITDA performance and focus on net cash will continue.
TATA PASSENGER VEHICLES (TATA PV)
Highlights
Q4 FY24 revenue at ? 14.4K Cr (+19.3%), EBITDA 7.3% (flat yoy), EBIT 2.9% (+150 bps), PBT (bei) ? 0.5 K Cr.
FY24 revenue at ? 52.4K Cr, (+9.4%), EBITDA 6.5% (+10 bps), EBIT 2.0% (+100 bps), PBT (bei) ? 1.4 K Cr.
VAHAN registration market share increased to 13.9% in FY24. 2 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,
Green transformation continues
Range of Nexon.ev extended to 465 kms. Strong response to Nexon.ev facelift.
TPEM introduced new brand identity 'Tata.ev' for the EV business, embodying the core philosophy of 'Move with Meaning,' unifying the values of sustainability, community, and technology.
Announced platform-sharing partnership with JLR to accelerate development of 'premium electric' series 'Avinya'.
Introduced advanced Pure EV architecture - acti.ev which will underpin future products from the TPEM portfolio.
Introduced first car 'Punch.ev' on the acti.ev architecture.
Inaugurated exclusive TATA.ev stores in Gurugram, offering an immersive experience for the EV community.
Signed MOUs with charging point operators and OMC's for setting up 22,000+ chargers in next 12-18 months.
Financials
In Q4, PV volumes were at 155.6K units (+14.8% yoy) supported by new SUV facelifts and multiple power trains. Nexon continued to be the highest selling SUV in FY24 and along with the Punch was amongst top 5 models sold in
Looking ahead
We expect the demand for passenger cars to remain strong, although the high base effect, coupled with extraneous factors elections, heat wave, etc. may keep the growth rate moderate. We will continue to focus on retails and deliver market beating growth to sustain double digit EBITDA margins and positive free cash flows for PV business. We will continue to proactively drive EV penetration through new product launches and ecosystem development and improve profitability.
Contact:
Mr.
Tel: +91-22-6665 7824
Email: inv_rel@tatamotors.com
Ms.
Tel: +91-22-6665 8282
Email: ir_tml@tatamotors.com
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