TaMo rides on JLR, CV biz; Q1 net profit at Rs 3,300 crore

NEW DELHI: Automobile major Tata Motors (TaMo) closed the Q1 of FY24 with a consolidated net profit of Rs 3,300.65 crore, riding on sharp improvements in performance of its British arm Jaguar Land Rover (JLR) and commercial vehicle (CV) business.

TaMo had posted a consolidated net loss of Rs 4,950.97 crore in the same quarter last fiscal, it said in a regulatory filing. Consolidated revenue from operations stood at Rs 1,01,528.49 crore against Rs 71,227.76 crore in the same quarter a year ago.

Total expenses were at Rs 98,266.93 crore, as against Rs 77,783.69 crore in the same quarter a year ago, the company said. On a standalone basis, loss after tax narrowed to Rs 64.04 crore, from Rs 181.03 crore in the year-ago period, the filing said.

Standalone revenue from operations were at Rs 15,733 crore, as compared to Rs 14,793.12 crore, it added. Overall, Tata Motors said it continued its strong performance in Q1FY24 showing a sharp improvement driven by JLR and commercial vehicle businesses, whilst the passenger vehicle business remained steady.

“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, CFO, Tata Motors Group.