Tata Motors Q3FY24 net profit grows to Rs 7,100 cr

The rise in net profit represents a more than two-fold increase in third-quarter profit.

All automotive verticals maintained their profitable growth trajectory, Tata Motors said.

The automaker's revenue of Rs 110,600 crore, representing a growth of 25.0%. EBITDA reached Rs 15,800 crore, marking an increase of 60.6%, while EBIT stood at Rs 9,200 crore, showing a notable increment of Rs 5,300 crore.

Year-to-date for fiscal year 2024, the business reported a robust PBT of Rs 19,000 crore, showcasing an improvement of Rs 22,600 crore compared to the previous year. The Net Automotive debt was further reduced to Rs 29,200 crore.

Jaguar Land Rover (JLR) recorded a 22% increase in revenue, reaching £7.4 billion. Improved wholesales and reduced material costs contributed to EBIT margins of 8.8%, representing an increase of 510 basis points.

In the Commercial Vehicle (CV) segment, revenue improved by 19.2%, and EBIT margins increased to 8.6%, up by 270 basis points, driven by higher realisations and a richer product mix.

The Passenger Vehicle (PV) segment witnessed a revenue growth of 10.6%, with EBIT margins improving by 60 basis points to 2.1%, attributed to savings in commodity costs.