Tata Motors Q1 Results: Net profit at ₹3,202 crore, revenue up 42% YoY crossing ₹1 lakh crore-mark

livemint.com:

Tata Motors Q1 Results: Automobile major Tata Motors announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 25, reporting a consolidated net profit of ₹3,202 crore. The company's revenue from operations surged 42 per cent to ₹102,236.08 crore in the June quarter - surpassing the ₹1 lakh crore-mark in line with Street estimates. Analysts had expected stronger earnings led by improving margins and healthy sales in its British luxury arm Jaguar and Land Rover (JLR).

The auto major's consolidated operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), surged more than fivefold on year to ₹13,218 crore. The operating margin expanded by 700 basis points (bps) year-on year to 14.4 per cent in the June quarter.  “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 achieve our stated goals,'' said PB Balaji, Group Chief Financial Officer, Tata Motors. Tata Motors also announced that it will issue seven fully paid-up new ordinary shares with a face value of ₹2 for every 10 'A' ordinary shares with a face value of ₹2. This issuance will serve as consideration for the reduction and cancellation of the 'A' ordinary shares.