Tata Motors announced that its revenues stood at INR 102.2k crore (up 42% yoy), EBITDA at INR 14.7K crore (up 177% yoy) in Q1FY24. According to the company, there is a sharp improvement driven by JLR and CV businesses, whilst the PV business was steady. In numbers, JLR revenues improved by 57%, a communication from the company noted.
PB Balaji, Group Chief Financial Officer, Tata Motors, said, “FY24 has begun on the right note with all automotive verticals delivering strong performances. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident of sustaining this momentum in the rest of the year and achieving our stated goals.”
Looking ahead, the company believes that Q2 production and cash flow are expected to be lower than Q1, reflecting the annual summer plant shutdown, while wholesales and profitability are expected to be more in line with recent quarters.
Girish Wagh, Executive Director, Tata Motors, said, “The Indian commercial vehicles sector made a promising start to FY24 in Q1, enabled by a strong infrastructure push from the Government as well as increased economic activity.”
He added, “We will continue to drive our demand-pull strategy and step up our competitiveness with improved availability of our exciting range of products as the year progresses.”