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View Promises →Tata Motors Ltd — Q4 FY24
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.
bullish
high
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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.
टाटा मोटर्स ने चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल कमाई 1,20,000 करोड़ रुपये रही, जो पिछले साल से 13.3% ज्यादा है। यह वृद्धि गाड़ियों की बिक्री और बेहतर मिश्रण से हुई। जेएलआर ने 7.86 बिलियन पाउंड का रिकॉर्ड राजस्व और 9.2% का मुनाफा कमाया। भारत में कमर्शियल वाहनों ने 12% और पैसेंजर वाहनों ने पहली बार 10% से ज्यादा मुनाफा दिया। पूरे साल कंपनी ने 27,000 करोड़ रुपये का फ्री कैश फ्लो बनाया, जिससे कर्ज घटा और प्रति शेयर 6 रुपये लाभांश दिया। प्रबंधन सावधानी से आशावादी है। अगले साल जेएलआर का मुनाफा स्थिर रहने और 2026 तक 10% तक पहुंचने का अनुमान है। चीन में बढ़ती प्रतिस्पर्धा और कच्चे माल की लागत बढ़ने का जोखिम है।
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Price pressure in JLR markets
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Read Transcript →Quarter Snapshot
JLR Order Book
133,000 units
+25,000 units vs normalized
Order book remains above pre-COVID normalized level of 110,000 units, providing demand visibility.
Range Rover BEV Waitlist
33,000 sign-ups
New
Waiting list opened for Range Rover Electric; orders expected early next year with deliveries later in 2025.
EV Market Share (India PV)
73%
Flat YoY
Despite 14 competing models, Tata Motors maintains dominant EV market share in India.
Fleet Edge Connected Vehicles
600,000 vehicles
+50% YoY
Digital platform crosses 600k vehicles, among top three globally in customer base.
What Changed vs Last Quarter
NEW
JLR investment spend ~GBP 3.5 billion in FY25
JLR's total investment spending for FY25 is expected to be around GBP 3.5 billion, similar to FY24 levels.
NEW
India PV industry growth less than 5% in FY25
Management expects the Indian passenger vehicle industry to grow less than 5% in FY25 due to high base and channel inventory.
UPDATED
JLR EBIT margin around FY24 level in FY25
JLR expects EBIT margin for FY25 to be approximately 8.5%, similar to FY24, with higher demand generation spend offset by cost reductions.
UPDATED
JLR net debt zero by end of FY25
JLR targets net debt zero by the end of FY25, with Q1 cash flow expected to be broadly breakeven due to working capital reversal.
DROPPED
India CV business to sustain double-digit EBITDA for full year
Management expects to maintain double-digit EBITDA margins in the CV business for the full year.
DROPPED
PV business to return to market-leading growth in H2
With new launches (Nexon, Harrier, Safari), PV volumes are expected to grow strongly in the second half.
NEW RISK
Price pressure in JLR markets
JLR noted price becoming a negative factor in Q4 due to increased VME (variable marketing expense) from 0.5% to 3%, indicating rising competition.
NEW RISK
China market competitiveness
JLR's CJLR JV operates in highly price-competitive segments in China, with volumes at 45,000 units; further margin pressure possible.
NEW RISK
EV demand slowdown narrative
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.
RISK GONE
Global demand slowdown and discounting by competitors
Adrian Mardell acknowledged a slowdown in some markets and increased discounting by other OEMs, which could pressure JLR's pricing power.
RISK GONE
EV adoption pace and regulatory uncertainty
Shailesh Chandra noted that Telangana's road tax waiver uncertainty impacted EV volumes; broader EV adoption faces infrastructure and used-car market challenges.
RISK GONE
JLR deferred tax asset recognition volatility
Richard Molyneux highlighted that unrecognized deferred tax assets of ~GBP 1 billion add volatility to the effective tax rate, which could range 25-29%.
Fast read
Guidance and risk preview
JLR expects EBIT margin for FY25 to be approximately 8.5%, similar to FY24, with higher demand generation spend offset by cost reductions.
JLR noted price becoming a negative factor in Q4 due to increased VME (variable marketing expense) from 0.5% to 3%, indicating rising competition.
View Risks →