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Revenue
₹1,05,000 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Motors reported a strong Q2 FY24 with consolidated revenue of INR 105,000 crore and EBITDA margin of 13.7%. JLR delivered record Q2 revenue of GBP 6.9 billion and H1 EBIT of 8%, leading to an upgraded FY24 EBIT guidance to ~8%. The India CV business posted EBITDA of 10.4% (up 540bps YoY), driven by mix and realization gains. PV/EV margins improved despite a 3% revenue dip, with PV EBITDA nearing double digits at 9.2%. Key drivers include JLR's strong order book (168k units), CV market share recovery in M&HCV, and new product launches (Nexon, Harrier, Safari). Risks include potential demand slowdown in global markets and uncertainty around EV adoption pace.
Colored figures show movement against the previous available record.
Guidance to track
- JLR expects full-year EBIT margin of around 8%, up from prior guidance of 6%+.
- JLR commits to reducing net debt from GBP 2.249 billion to below GBP 1 billion by March 2024.
- Management expects to maintain double-digit EBITDA margins in the CV business for the full year.
- With new launches (Nexon, Harrier, Safari), PV volumes are expected to grow strongly in the second half.
Risks flagged
- Adrian Mardell acknowledged a slowdown in some markets and increased discounting by other OEMs, which could pressure JLR's pricing power.
- Shailesh Chandra noted that Telangana's road tax waiver uncertainty impacted EV volumes; broader EV adoption faces infrastructure and used-car market challenges.
- Girish Wagh flagged potential steel price increases in Q3, partially offset by a price hike taken in October.
- Richard Molyneux highlighted that unrecognized deferred tax assets of ~GBP 1 billion add volatility to the effective tax rate, which could range 25-29%.
Key quotes
- We are setting records, we're delivering well. Our H1 cash flow is a record by GBP 250 million.
- This business is now nearing the double-digit EBITDA that we had once had an aspiration for. This aspiration has turned into reality.
- The biggest opportunity I see is that 75% of the sales of EVs today is coming from only 25 cities. So all the manufacturers, including us, are yet to expand into the larger part of the country.
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