Photo used for representation purpose only.
| Photo Credit: Reuters
Tata Motors on Friday (November 8, 2024) reported Q2 consolidated net profit down 11% to ₹3,343 crore as compared with ₹3,764 crore in the year ago period.
Revenue from operations during the quarter dropped 4% to ₹1,00,534 crore as compared with ₹1,04,444 crore in the same period last year.
Total expenses stood at ₹97,330 crore against ₹1,00,649 crore in the same quarter a year ago, the company said.
PB Balaji, Group Chief Financial Officer, Tata Motors said, “Growth in the quarter was impacted due to significant external challenges as highlighted earlier. Overall, the business fundamentals remain strong, and we remain focused on our agenda of driving growth, competitiveness and free cash flows. As the supply challenges ease and demand picks up, we are confident of steady improvement in our performance and delivering a strong H2.”
Tata Motors is India’s third-largest carmaker by volume, but relies on British luxury carmaking unit Jaguar Land Rover for two-thirds of its revenue.
Revenue at JLR fell 1%, with unit sales dropping 10%. That dragged earnings margin before interest and taxes at the British carmaker down to 5.1%, from 7.3% a year before.
The automaker has seen sales decline across all three businesses, with analysts noting that promotional expenses, or costs to boost demand, rising especially at JLR.
The company, however, said it expects JLR’s dispatches to dealers to recover in the second half of the current fiscal year 2025 as supply of aluminium normalises.
(With inputs from Agencies)
Published – November 08, 2024 04:43 pm IST