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Revenue
₹1,20,000 Cr
verification pending
Revenue YoY
13.3%
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 delivered a strong Q4 FY24 with consolidated revenue of INR 1,20,000 crore, up 13.3% YoY, driven by volume and mix improvements across all businesses. JLR posted record revenue of GBP 7.86 billion and EBIT margin of 9.2%, while the India CV business achieved double-digit EBITDA of 12% and PV business reached double-digit EBITDA for the first time. The company generated record free cash flow of INR 27,000 crore for the full year, enabling debt reduction and a dividend of INR 6 per share. Management remains cautiously optimistic on domestic demand, with JLR guiding for flattish EBIT margins in FY25 and a path to 10% by FY26. Key risks include rising competitive intensity in China and potential commodity cost inflation.
Colored figures show movement against the previous available record.
Guidance to track
- JLR expects EBIT margin for FY25 to be approximately 8.5%, similar to FY24, with higher demand generation spend offset by cost reductions.
- JLR targets net debt zero by the end of FY25, with Q1 cash flow expected to be broadly breakeven due to working capital reversal.
- JLR's total investment spending for FY25 is expected to be around GBP 3.5 billion, similar to FY24 levels.
- Management expects the Indian passenger vehicle industry to grow less than 5% in FY25 due to high base and channel inventory.
Risks flagged
- JLR noted price becoming a negative factor in Q4 due to increased VME (variable marketing expense) from 0.5% to 3%, indicating rising competition.
- Management acknowledged increases in casting, forgings, aluminum, and tires in Q1, which may require price increases to offset margin impact.
- JLR's CJLR JV operates in highly price-competitive segments in China, with volumes at 45,000 units; further margin pressure possible.
- Management dismissed negative media commentary on EV slowdown, but acknowledged that EV industry growth moderated to 40% in Q4 from 70% full year, suggesting potential headwinds.
Key quotes
- This is the Range Rover with a BEV powertrain. BEV happens to give the exact combination of power, quietness, and serenity that is perfect for the Range Rover brand.
- We have been very clear, one, that this is speculation that the hybrids are going to get any benefit from a GST perspective.
- The business is now structurally different to what it was earlier, and therefore, there's resilience built in, in each of the businesses.
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