Tata Motors, a subsidiary of the Tata Group, achieved a significant financial milestone in the quarter ending September FY24. They reported a consolidated net profit of Rs 3,764 crore, marking a remarkable turnaround from a loss of Rs 945 crore in the corresponding period of the previous fiscal year. This transformation can be attributed to robust growth across various segments.
During Q2 FY24, the company’s revenue from operations surged by an impressive 32 percent year-over-year, reaching Rs 1,05,128 crore. Notably, Jaguar Land Rover (JLR) played a vital role in this success, with its topline revenue increasing by 30.4 percent YoY, reaching $6,857 million.
Furthermore, JLR demonstrated improved financial performance with a 430 basis point increase in its EBITDA margin, which now stands at 14.9 percent. The EBIT margin also grew by 630 basis points, reaching 7.3 percent. Encouragingly, JLR raised its EBIT margin guidance for FY24 from 6 percent to 8 percent.
In an exciting development, Tata Motors’ subsidiaries, Tata Passenger Electric Mobility (TPEM) and Jaguar Land Rover Plc (JLR), entered into a Memorandum of Understanding (MoU). This MoU outlines a licensing agreement for JLR’s Electrified Modular Architecture (EMA) platform, with TPEM agreeing to pay a royalty fee. This collaboration aims to facilitate the development of TPEM’s premium pure electric vehicle series, known as ‘Avinya,’ utilizing the EMA platform.
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