The company had posted a consolidated net loss of Rs 4,950.97 crore in the corresponding quarter of the previous fiscal. Bye Motors said in a regulatory filing.
Consolidated revenue from operations stood at Rs 1,01,528.49 crore, as against Rs 71,227.76 crore in the year-ago period.
The company said total expenses stood at Rs 98,266.93 crore, as against Rs 77,783.69 crore in the year-ago quarter.
On a standalone basis, loss after tax narrowed to Rs 64.04 crore as against Rs 181.03 crore in the year-ago period, the filing said.
Standalone revenue from operations stood at Rs 15,733.05 crore as against Rs 14,793.12 crore.
Overall, Tata Motors said it continued its strong performance in the first quarter of FY2024, with JLR and commercial vehicles businesses showing sharp improvement, while the passenger vehicles business was stable, the company said.
PB Balaji, Chief Financial Officer, Tata Motors Group, said, “FY24 has started on the right note with strong performance across all automotive segments. The specific strategy adopted by each business is now delivering consistent results and making them structurally sound. We are confident of maintaining this momentum in the rest of the year and achieving our stated targets.”
JLR’s revenue in the first quarter of fiscal 2024 was 6.9 billion pounds, up 57 percent (year-on-year), while profit before tax was 435 million pounds, it said, adding that the higher year-on-year profitability reflected favorable volume, mix, pricing and foreign currency revaluation partially offset by higher inflation and supplier claims.
JLR’s newly appointed CEO Adrian Mardell said, “We have started the financial year on a strong note, recording our highest production levels in nine quarters and our highest cash flow in the first quarter. This is testament to the thousands of determined people across the business working tirelessly to deliver on every aspect of our reimagine strategy.”
On the outlook for JLR, the company said production and cash flows in the second quarter are expected to be lower than in the first quarter, reflecting annual summer plant shutdowns, while bulk sales and profitability are expected to be in line with recent quarters.
The company said Tata Commercial Vehicles’ revenue rose 4.4 per cent to Rs 17,000 crore, with domestic wholesale sales at 82,400 units, down 14.1 per cent year-on-year, while domestic retail sales were down 14.3 per cent at 77,600 units.
Girish Wagh, Executive Director, Tata Motors Limited, said that the company has successfully upgraded its entire portfolio beyond the mandatory requirements for BS6 Stage 2 transition.
“The early part of the quarter was affected by availability issues due to this major change, but we performed sequentially as the quarter progressed,” he added.
Looking ahead, Wagh said, “We remain optimistic about the demand environment, even as it faces headwinds of high interest rates, fuel prices and inflation. We will continue to drive our demand-pull strategy and enhance our competitiveness with improved availability of our exciting range of products as the year progresses.”
On the passenger vehicle (PV) segment, Tata Motors said Q1 revenue at Rs 12,800 crore was 11.1 per cent higher due to better pricing and volumes grew 7.7 per cent to 1,40,400 units.
It added that the profitability of electric vehicles is likely to improve in the second half of the year.
“The passenger vehicle industry in Q1 FY24 witnessed strong demand driven by new launches, especially in the SUV segment and EVs…
Shailesh Chandra, managing director, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, said, “In line with the industry trend, SUVs (Tata Motors PV) are contributing around 64 per cent of sales, while car sales have been boosted by the multi-power train offerings of Tiago and Altroz.”
On outlook, he said, “We expect stable supply chain and strong demand with the onset of festive season in the second half of FY24.”