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View Promises →Tata Motors Ltd — Q2 FY24
Tata Motors reported a strong Q2 FY24 with consolidated revenue of INR 105,000 crore and EBITDA margin of 13.7%.
bullish
high
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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.
टाटा मोटर्स ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 1,05,000 करोड़ रुपये रही। मुनाफा दिखाने वाला EBITDA मार्जिन 13.7% था। JLR ने रिकॉर्ड कमाई की और मुनाफा 8% रहा। भारत में कमर्शियल वाहनों का मार्जिन 10.4% हो गया, जो पिछले साल से 5.4% ज्यादा है। कारों और इलेक्ट्रिक वाहनों का मार्जिन 9.2% तक पहुंच गया। JLR के पास 1.68 लाख गाड़ियों का ऑर्डर है। टाटा ने नए मॉडल लॉन्च किए हैं। लेकिन दुनिया भर में मांग धीमी होने और इलेक्ट्रिक वाहनों की बिक्री अनिश्चित होने का खतरा है।
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Global demand slowdown and discounting by competitors
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JLR Order Book
168,000 units
-5,000 per month
Order book continues to run down at 5,000 per month; expected to reach pre-pandemic levels by end of FY24.
JLR Wholesale Volumes
97,000 units
+4% QoQ
Wholesale volumes up 4% sequentially; H1 up 29% YoY. Production constrained on Range Rover.
CV EBITDA Margin
10.4%
+540bps YoY
CV EBITDA margin expanded 540bps YoY to 10.4%, driven by mix and realization improvement.
EV Penetration in PV Portfolio
13%
flat
EV share of PV portfolio stable at 13%; sequential volume decline due to model transitions.
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Guidance and risk preview
JLR expects full-year EBIT margin of around 8%, up from prior guidance of 6%+.
Adrian Mardell acknowledged a slowdown in some markets and increased discounting by other OEMs, which could pressure JLR's pricing power.
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