Company declares dividend of ₹6 per share
BIZ DESK
Tata Motors posted its March quarter financial results on May 10, 2024. The auto giant reported a significant 46 percent year-on-year increase in its net profit, reaching ₹17,529 crore.
The auto giant reported a significant 46 percent year-on-year increase in its net profit, reaching ₹17,529 crore. Meanwhile, the company witnessed a notable 13.3 percent surge in consolidated revenue, amounting to ₹1,19,986.31 crore. Additionally, Tata Motors announced a final dividend of ₹6 per share.
What Girish Wagh, Executive Director at Tata Motors Ltd, said
“The Indian CV industry grew by a modest 2% in volumes during FY24, impacted by a high base effect of FY23, elections held across 5 states and the announcement of general elections. At Tata Motors, we strengthened our portfolio with the introduction of new passenger and cargo mobility solutions, stepped-up the thrust on digitalization, enriched customer engagement and experience with stronger partnering and made holistic progress on our sustainability agenda. Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of ₹78.8K Cr and profits of ₹6.1K Cr in FY24. Going forward, we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more value to customers with innovative products, smarter services and holistic mobility solutions.”
Highlights from Tata commercial vehicles performance in FY24
Tata Motors Results 2024 Live: Here are the key highlights from Tata commercial vehicles’s performance in FY24 –
- Q4 FY24 revenue at ₹ 21.6K crore (+1.6%), EBITDA 12.0% (+190 bps), EBIT 9.6% (+100 bps), PBT (bei) ₹ 2.0K crore.
- FY24 revenue at ₹ 78.8K crore (+11.3%), EBITDA 10.8% (+340 bps), EBIT 8.2% (+300 bps), PBT (bei) ₹ 6.1K crore.
- Domestic Vahan market share at 39.1% in FY24. HGV+HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck market share continues to remain strong; SCV market share starting to improve.
- Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter technologies to deliver even better performance and value.
- Introduced technologically advanced, highly fuel efficient and reliable Turbotronn 2.0 engine, for 19-42 tonne range.
- Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT. Introduced Tata Magic bi-fuel.
- Fleet edge, the connected vehicle platform has now more than 600K vehicles.