Tata Motors March quarter profit triples to Rs 17,407 crore, betas estimates

Tata Motors, the country's largest commercial vehicle maker and parent of luxury car brand Jaguar Land Rover, on Friday reported that its net profit more than tripled to Rs 17,407 crore in January-March quarter beating LSEG IBES estimate of Rs 7,137 crore by a huge margin. The sharp jump in profit was aided by tax credit of Rs 8,159 crore during the quarter.

The company had posted net profit of Rs 5,408 crore in the same period last year.

Its revenue from operations rose 13.3 per cent to Rs 1,19,986 crore from Rs 1,05,932 crore in the year ago period.

Tata Motors' earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit rose 33 per cent to Rs 17,035 crore as against Rs 13,114 crore in the year ago period.

Its operating profit margin improved to 14.28 per cent from 12.38 per cent in the corresponding period last year.

“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. The India business is now debt free, and we are on track to become net automotive debt free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years,” said PB Balaji, Group Chief Financial Officer, Tata Motors.

Tata Motors shares ended 1.62 per cent higher at Rs 1,046.85 ahead of its earnings announcement.