Tata Motors Ltd. reported fourth-quarter consolidated net profit of ₹5,408 crore compared with a net loss of ₹1,033 crore in the year-earlier period owing to robust performance.
Revenue grew 35% to ₹1,05,017 crore. For the financial year ended March 31, the company reported a net profit of ₹2,414 crore compared with a net loss of ₹11,441 crore inFY22. FY23 revenue grew 24.2% to ₹3,42,875 crore.
The board of directors has recommended a final dividend of ₹2 per ordinary share (100% of face value) and ₹2.1 per share for DVR shareholders.
On the outlook, the company said, “We remain optimistic on the demand situation despite near term uncertainties and expect a moderate inflationary environment in the near term.”
“In this context, we aim to further improve and deliver a strong performance in FY24. The momentum is expected to build through the year factoring in seasonality, stabilization of JLR supply chain and post real driving emissions (RDE) impact in India,” the company added.
P. B Balaji, Group Chief Financial Officer, Tata Motors said, “The year ended on a strong note with all automotive verticals delivering robust performances leading to multiple all-time high achievements.”
“The distinct strategy employed by each business is delivering, in unison, leading to a sharp improvement in overall results. We remain confident on growth with cash flow generation, to achieve our stated goals,” he added.
Jaguar Land Rover (JLR) revenue in Q4 FY23 of £7.1 billion was up 49% Year-on-Year (YoY). Full year revenue for FY23 of £22.8 billion was up 25% against the previous year as chip supply improved further.
Q4 wholesales at 94,649 units was up 24% YoY. For full year, wholesales of 3,21,362 units represented an increase of 9% over the year-earlier period.
JLR reported Q4 FY23 profit before tax and exceptional items of £368 million and net debt improved to £3.0 billion as of 31 March 2023 with cash of £3.8 billion and liquidity of £5.3 billion (including undrawn £1.52 billion revolving credit facility).
The Tata Motors Commercial Vehicle division reported Q4 revenue growth of 15% YoY despite wholesales being down 3%, reflecting improved mix and better market operating price.
On a full year basis, business reported revenue growth of 35%, EBITDA and EBIT margins at 7.4% and 5.2% (370 bps and 480 bps improvement YoY.
“The demand-pull strategy has started to yield results as profits and market shares improved sequentially,” the company said in a statement. Tata Passenger Vehicles business continued its strong momentum in FY23 and reported 45.4% YoY growth in vehicle wholesales whereas retails grew by 44%.
In Q4 FY23, revenue grew 15.3% YoY and the business consistently delivered strong performance, the company said. Margins improved on higher volumes, better realisations, and operating leverage, the company said.
Published - May 12, 2023 09:25 pm IST
