TIINDIA Q4 FY24 earnings call.
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Revenue
₹4,490 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Tube Investments of India reported INR 1,962 crore in standalone Q4 revenue (+18% YoY) driven by strong engineering segment performance (INR 1,276 crore, +22% YoY), though consolidated revenue reached INR 4,490 crore. The standalone PBT grew 6% YoY to INR 318 crore, but was impacted by one-time expenses including political contributions and competitive pressures in the railway sub-segment. The EV business experienced a sequential revenue decline from INR 81 crore to INR 57 crore due to FAME subsidy transition, though management noted this was a temporary phenomenon. The company achieved self-funding status for TI Clean Mobility, which raised INR 580 crore via CCPS, with INR 1,900 crore already invested of the planned INR 3,000 crore EV commitment. CG Power secured INR 7,600 crore semiconductor approval under India's semiconductor mission. The diversified growth strategy spanning EVs, CDMO, medical devices, and semiconductors creates medium-term optionality but faces near-term profitability headwinds from EV losses and margin pressures. Management guided for continued teen-level growth while maintaining PBT margins north of 13% for core businesses.
Colored figures show movement against the previous available record.
Guidance to track
- Investment will build capabilities in engineering and metal form divisions through both capacity expansion and capability enhancement, with most spending in FY25 and some spilling into Q1-Q2 FY26.
- Breakup: INR 472 crore for small commercial vehicles, INR 72 crore for three-wheelers, INR 71 crore for trucks, INR 31 crore for tractor, plus central R&D investments.
- Currently at 14% of total revenue with exports growing 14% YoY, driven by engineering and other businesses with several OEM approvals in pipeline.
- New SCV plant in Chennai with 50,000 vehicle capacity coming online, with deployment of INR 472 crore capex and INR 80-90 crore in POs already released.
Risks flagged
- Q4 revenue dropped to INR 57 crore from INR 81 crore in Q3 due to March primary sales decline from FAME-to-new-scheme transition. FAME subsidies have been reduced without PLI benefits for three-wheelers.
- Metal Form PBIT declined to INR 42 crore from INR 45 crore YoY despite 11% revenue growth due to increased competitiveness in railway business. Management acknowledged they are still figuring out the margin recovery path.
- IPLT truck business at 70 trucks on road with 35-40 order pipeline; material ramp-up expected only by end of FY25 or early FY26 given customer approval and TCO demonstration requirements in a new concept market.
- Other expenses increased substantially in Q4 with management confirming one-time charges including political contributions contributing to margin decline, though exact quantum was not disclosed.
Key quotes
- We believe that that will continue. We are developing an approach that... we basically start thinking on the component side. CG will be more focused on the component side development, and TI Clean Mobility will be more focused on vehicle integration and being an OEM.
- Some of this is a new concept, so no one is even really sure, you know, if it clicks, it clicks in a big way. You know, it takes a little time. There's a diffusion time that it takes for people to absorb, to change some behavior, you know, in terms of adoption. The benefit is very clear.
- Temporarily, yes, there may be a setback to FAME, but FAME is not completely gone. It's got reduced now. And you know, once the elections are through, you know, I'm sure the government will work out some policies for some more time at least, till the EV adoption, you know, as per their plans that they have made, it starts stabilizing.
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