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Tata Motors Q4FY24 net profit shoots 222% to Rs 17,407.18 cr

Tata Motors Q4FY24 net profit shoots 222% to Rs 17,407.18 cr

| @indiablooms | 10 May 2024, 08:55 pm

Mumbai: Leading auto manufacturer Tata Motors on Friday reported a consolidated net profit of Rs 17,407.18 crore in the final quarter of the financial year 2023-24 (FY24), a massive 222 percent YoY growth.

The company had reported a consolidated net profit of Rs 5,407.79 crore during the same period last year. Compared to the previous quarter (Q3FY24), profit soared 49 percent from Rs 11,666.07 crore in Q3.

The company earned revenue from operations of Rs 1.19 trillion, a 13.5 percent increase year-on-year (Y-o-Y) from Rs 1.05 trillion. When compared to the last month, revenue grew 8.6 percent from Rs 1.10 trillion.

In the month of April, Tata Motors registered a 12 percent growth in total domestic dispatches, amounting to 76,399 units compared to 68,514 units in April 2023.

Tata Motors subsidiary Jaguar Land Rover (JLR) continued its impressive financial trajectory in FY24, achieving another record-breaking quarter in Q4 FY24.

JLR’s revenue stood at 7.9 billion British pounds for the quarter, an 11% increase from Q4 FY23 and a 6% rise sequentially.

JLR reported highest ever full-year revenue for FY24 at 29.0 billion British pounds, recording a 27% increase against the previous year.

Tata Motors' net profit for the entire fiscal year soared to Rs 37,764.33 crore, a significant jump from Rs 479.20 crore in FY23.

The company's revenue from operations also saw impressive growth, reaching Rs 4.35 trillion compared to Rs 3.43 trillion, indicating a 27% year-on-year increase.

P B Balaji, group chief financial officer, expressed satisfaction with the FY24 results, highlighting Tata Motors Group's highest-ever revenues, profits, and free cash flows.

He noted that the India business is now debt-free and projected to achieve net automotive debt-free status on a consolidated basis in FY25. Balaji expressed confidence in sustaining this strong performance in the future.

The company's board of directors proposed a final dividend of Rs 6 per ordinary share of Rs 2 each, comprising Rs 3 normal dividend and Rs 3 special dividend.

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