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Tata Motors Posts ₹3,764 Crore Net Profit in Q2 FY24, Revenue Up 32%

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    • Tata Motors

    Tata Motors, India’s largest automaker, today reported a net profit of ₹3,764 crore for the second quarter of the financial year 2023-24 (Q2 FY24), compared to a net loss of ₹944 crore in the same quarter a year ago. Revenue for the quarter grew 32% to ₹1.05 lakh crore, from ₹79,611 crore in the previous year.

    The company’s performance was driven by strong growth in both its commercial vehicle (CV) and passenger vehicle (PV) segments. CV sales grew 22.3% to 1,14,917 units, while PV sales declined 3% to 1,13,475 units.

    CV Segment

    The CV segment’s revenue grew 22.3% to ₹60,720 crore, from ₹49,011 crore in the previous year. The segment’s EBIT margin improved to 7.9% from 6.7% in the previous year.

    The growth in the CV segment was driven by strong demand for trucks and buses, particularly in the domestic market. The company’s new range of trucks, including the Nexon EV and the Tigor EV, also contributed to the growth.

    PV Segment

    The PV segment’s revenue declined 3% to ₹44,308 crore, from ₹45,600 crore in the previous year. The segment’s EBIT margin improved to 1.8% from 1.5% in the previous year.

    The decline in the PV segment was primarily due to the ongoing semiconductor shortage, which has disrupted production and supply chains. The company’s new range of PVs, including the Nexon EV and the Tigor EV, also contributed to the growth.

    Outlook

    Tata Motors said it expects to continue to grow in the coming quarters, driven by strong demand for both its CV and PV products. The company is also investing in new technologies, such as electric vehicles and autonomous driving, to stay ahead of the competition.

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