Tata Motors Q2 Results Live: ‘Indian commercial vehicles sector showed steady growth,’ says Executive Director
“The Indian commercial vehicles sector showed steady growth in Q2 FY24 aligned to the rise in economic activity. Our domestic sales grew 6% with more customers experiencing the benefits of lower ownership costs, smart value adds and richer features of our upgraded BS6 phase II range of vehicles. In M&HCV segment, we delivered 24% growth YoY aided by tailwinds from government’s sustained thrust on infrastructure development, robust demand for replacements, growth in core sectors, and continuing growth in the e-commerce sector. Concerted actions are underway to step up our competitive growth in the SCV segment. Going forward, with improvement in consumption, onset of festive season and range bound inflation, we expect these tailwinds to continue while closely monitoring any emerging headwinds in rural demand due to the below average rainfall,\” Girish Wagh, Executive Director Tata Motors said.
Tata Motors Q2 Results Live: TATA CV Highlights
1. Q2 FY24 revenue at ₹ 20,100 crore, (+22.3%), EBITDA 10.4% (+540 bps), EBIT 7.9% (+560 bps), PBT (bei) ₹ 1,500 crore.
2. H1 FY24 revenue at ₹ 37,100 crore, (+13.4%), EBITDA 10.0% (+480 bps), EBIT 7.2% (+460 bps), PBT (bei) ₹ 2,500 crore.
3. Double-digit EBITDA achieved.
4. Domestic CV market share (based on Vahan) at 39.7% in Q2 FY24, up from 39.1% in Q1 FY24. HGV+HMV 50.4%, MGV 37.6%, LGV 34.3%, Passenger 36.6%.
5. HGV+HMV market shares up 500bps qoq on superior performance of BS6 PH2 products. MGV market shares up 360bps qoq on better availability. Action plans underway to improve LGV market shares.
6. Achieved landmark of supplying 1000 e-Buses nationwide.
7. Delivered first of its kind hydrogen cell powered bus to Indian Oil, marking a giant stride forward in India’s quest for fully decarbonized long distance, urban mobility.
Tata Motors Q2 Results Live: CFO speaks
“It is pleasing to see all the businesses deliver on their well differentiated plans this quarter. With a strong product pipeline, a seasonally stronger H2 and continued focus on cash accretive growth, we are confident of sustaining this momentum,\” PB Balaji, Group Chief Financial Officer, Tata Motors said
Tata Motors Q2 Results Live: JLR Highlights
1. Revenue of £6.9 billion in Q2 and record first half revenue of £13.8 billion, up 30% and 42% yoy respectively driven by higher wholesales, better mix, cost reductions and investment in demand generation.
2. EBIT margin was 7.3% in Q2 and 8.0% in H1; the target EBIT margin for FY24 is increased from 6% plus to around 8%.
3. PBT (bei) in Q2 FY24 was £442 million, up over £600 million compared to PY. H1 FY24 PBT (bei) of £877m, up over £1.5 billion compared to H1 FY23.
4. Free cash flow of £300 million for Q2 FY24 and £751m for H1 FY24, which is JLR’s best H1 cashflow on record.
5. Total liquidity was at £5.8 billion including the £1.52 billion undrawn revolving credit facility maturing in March 2026. Net debt reduced to £2.2 billion in Q2, with gross debt of £6.5 billion.
6. In mid-October, JLR completed a buyback of c. $400 million equivalent of its outstanding bonds, demonstrating the recent strong financial performance of the company and resulting liquidity.
7. The order book remained strong with over 168,000 client orders, with RR, RR Sport and Defender accounting for 77% of the order book.
Tata Motors Q2 Results Live: Q2 results OUT
Tata Motors Q2 Results Live: Tata Motors released their July-September quarter results on Thursday and posted a net profit of ₹3,764 crore while the revenue was reported at ₹1.05 lakh crore. The profit comes against the loss of ₹944 crore reported by the company during the same period last year.
Tata Motors Q2 Results Live: Stock closing
Tata Motors Q2 Results Live: Ahead of the quarterly results, the stock of Tata Motors closed 1.56% up at ₹637.5 per share. The positive sentiment comes as the company is expected to report a net profit of ₹3,994 crore in the second quarter of FY24.
Tata Motors Q2 Results Live: Mixed performance
Tata Motors Q2 Results Live: Tata Motors is expected to report total revenue of ₹1,05,883 crore in the quarter ended September 2023, registering a growth of 33% from ₹79,611.4 crore in the year-ago quarter. The company’s India business performance was a mixed bag as commercial vehicle (CV) volumes grew 3.5% YoY while passenger vehicle (PV) volumes fell 3% YoY. JLR volumes are expected to grow YoY due to easing chip shortage situation and continued traction in new models.
Tata Motors Q2 Results Live: Tata Motors to convert DVR shares to ordinary
Tata Motors, in July, had announced that the company will issue 7 fully paid-up new ordinary shares with a face value of ₹2 for every 10 \’A\’ ordinary shares with a face value of ₹2. This issuance will serve as consideration for the reduction and cancellation of the \’A\’ ordinary shares.
To facilitate the transfer of consideration for the reduction of the \’A\’ Ordinary Shares, the company will establish a trust before the Scheme\’s effectiveness. This trust will receive the New Ordinary Shares from the company on behalf of the relevant shareholders as outlined in the Scheme. After fulfilling specific obligations, such as taxes and other actions specified in the Scheme, the trust will distribute the remaining New Ordinary Shares to the relevant shareholders according to the terms of the Scheme. Read here
Tata Motors Q2 Results Live: Sales volume up 0.1% YoY to 2,43,024 units
Tata Motors’ total sales volume for the July-September quarter of FY24 increased marginally to 2,43,024 units from 2,42,861 units in the same quarter last fiscal.
Total Passenger Vehicle (PV) sales in Q2FY24 declined 2.4% to 1,38,939 units from 1,42,325, while Commercial Vehicle (CV) sales rose 3.5% to 1,04,085 units from 1,00,536 units, YoY.
Tata Motors Q2 Results Live: JLR’s volume ramp-up, operating leverage, cost tailwinds to benefit Tata Motors
Tata Motors is expected to benefit from JLR’s volume ramp-up resulting in strong revenue, profitability and FCF; CV segment (on domestic side) benefitting from ongoing upcycle, operating leverage and tailwinds from low commodity costs & low discounting and sustained market share in PV segment led by revamped portfolio, rising SUV share and market leadership position in fast growing EV segment, brokerage firm Prabhudas Lilladher said.
It has a ‘Buy’ rating on the stock with a target price of ₹760 per share.
Tata Motors Q2 Results Live: A look at Tata Motors Q1 results
Tata Motors reported a consolidated net profit of ₹3,202 crore in the April-June quarter of fiscal 2023-24. The company\’s revenue from operations surged 42% to ₹102,236.08 crore in Q1FY24, surpassing the ₹1 lakh crore-mark in line with Street estimates.
The auto major\’s consolidated operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), surged 177% to ₹14,700 crore year-on-year. The operating margin expanded by 700 basis points (bps) year-on year to 14.4% in the June quarter. Read here
Tata Motors Q2 Results Live: Domestic CV margins to improve QoQ led by volume growth
In the Commercial Vehicle (CV) segment, Tata Motors has underperformed again in Q2, although in September, it did better than peers. For Tata Motors’ domestic CVs, HDFC Securities expects the margin to improve by 120 bps QoQ to 11% due to 21% QoQ volume improvement.
At JLR, volumes are largely flat QoQ and in line with their guidance. However, given rising discount trend and slightly adverse mix QoQ (LR mix down to 86% in Q2 from 89% QoQ), we expect JLR margin to decline by about 100 bps QoQ to 15.4%, HDFC Securities said.
Tata Motors Q2 Results Live: A look at Tata Motors stock performance
Tata Motors share price has remained largely flat since the past three months. However, Tata Motors shares have risen around 63% year-to-date (YTD) and the stock is up nearly 50% in the past one year.
Tata Motors Q2 Results Live: EBITDA may rise 84.3% YoY: Prabhudas Lilladher
Tata Motors revenue growth in Q2FY24 is expected to be at 37% YoY with strong volume growth at JLR and India business and increased realisation, according to brokerage firm Prabhudas Lilladher. Tata Motors consolidated EBITDA margin at 14.7% is expected to increase by 380 bps YoY. PAT to turn positive YoY, it said.
The brokerage estimates Tata Motors Q2FY24 net profit at ₹5,045.9 crore and revenue at ₹1,09,045.9 crore. EBITDA is expected to rise 84.3% YoY to ₹16,069.8 crore.
Tata Motors Q2 Results Live: Revenue growth driven by better net pricing, forex translation gains, JLR volume growth: Nuvama
Nuvama Institutional Equities expects Tata Motors to report a net profit of ₹3,956.3 crore in the July-September quarter. It expects revenue in Q2FY24 to rise 37% to ₹108,744.6 crore from ₹79,611.4 crore, while EBITDA to jump 115% to ₹13,331.4 crore from ₹6,196.1 crore, YoY.
Revenue growth YoY to be driven by better net pricing, forex translation gains and volume growth in Jaguar Land Rover (JLR) (+29%) and India Commercial Vehicles (+4%) divisions. EBITDA margin expansion YoY to be driven by better net pricing, scale and cost savings. Key thing to watch out for is JLR production outlook, Nuvama Institutional Equities said.
Tata Motors Q2 Results Live: JLR volumes to grow YoY due to easing chip shortage
Brokerage firm Motilal Oswal Financial Services said Tata Motors’ India business performance was a mixed bag as CV volumes grew 3.5% YoY while PV volumes fell 3% YoY. However, led by lower raw material costs, cost-control measures and operating leverage (in CVs), EBIT margins for CV/PV are likely to expand 180 bps/80 bps YoY in Q2FY24.
JLR volumes to grow YoY due to easing chip shortage situation and continued traction in new models. We estimate an EBIT margin of 7% for JLR in 2QFY24 (vs. 1% in 2QFY23), supported by mix, softening raw material costs and cost-control measures, said the brokerage firm.
Tata Motors Q2 Results Live: Auto major likely to post net profit of ₹3,994 crore; revenue may rise 33% YoY
Tata Motors, which also owns luxury car brand Jaguar Land Rover (JLR), is estimated to report a net profit of ₹3,994 crore in the second quarter of FY24 led by lower commodity prices, operating leverage and volume ramp-up at JLR, as per average estimates of six brokerages. Read full report here
Tata Motors Q2 Results Live: Standalone business revenues to increase by 27% YoY: Kotak Equities
Brokerage firm Kotak Institutional Equities expects Tata Motors’ standalone business revenues to increase by 27% YoY in Q2FY24, led by 4% YoY improvement in volumes due to strong demand trends in MHCV trucks and passenger segment and 20-22% YoY increases in ASPs due to richer product mix, price hikes taken in the last one year and lower discounts as a percentage of average selling prices (ASP).
“We expect JLR volumes (excluding China JV) to decline marginally by 1% QoQ due to summer holidays in the Europe region. Overall, we expect revenues (ex-China JV) to decline by 2% QoQ in Q2FY24. We expect reported EBITDA margin to decline by 90 bps QoQ to 15.3% as Q1FY24 had a one-time benefit of 90-100 bps. As a result, we expect JLR EBIT margin to come in at 7.4% in 2QFY24. On a YoY basis, EBITDA is sharply up mainly on account of lower base as the company was facing supply chain issues during Q2FY23,\” Kotak Institutional Equities said.
Tata Motors Q2 Results Live: Tata Motors shares trade higher ahead of Q2 earnings
Tata Motors share price traded higher on Thursday ahead of the announcement of financial results for the quarter ended September 2023 later today. Tata Motors shares opened in the green at ₹633.15 apiece as against previous close of ₹627.35 apiece on the BSE.
The stock gained 1.25% to hit an intraday high of ₹635.20 per share. Tata Motors shares were trading 0.90% higher at ₹633.00 apiece on the BSE.
Tata Motors Q2 Results Live: SUV dispatches for sector remain strong
For the Indian automobile sector, dispatches for SUV remained strong fueled by order book execution and improvement in supply chain situation. However, demand moderated for lower-end passenger vehicles (PV). Among all the segments, MHCV appeared to be better placed despite a drop in discounts, driven by healthy demand across most of the underlying industries.
Tata Motors Q2 Earnings Live: Tata Motors total sales rise 5.89% at 82,954 units in October
Tata Motors reported a 5.89% rise in its total sales to 82,954 units in October 2023 compared to 78,335 units in the same month last year. The total domestic sales stood at 80,825 units last month against 76,537 units in October 2022, a growth of 6%.
Sales of passenger vehicles, including electric vehicles, in the domestic market were at 48,337 units compared to 45,217 units in the year-ago month, up 7%. Overall electric passenger vehicle sales in international and domestic markets stood at 5,465 units compared to 4,277 units in the same month a year ago, a growth of 28%.
Its total commercial vehicle sales grew by 4% last month to 34,317 units from 32,912 units in October 2022.
Tata Motors Q2 Earnings Live: EBITDA may jump 130% YoY, margins to improve
Tata Motors’ earnings before interest, tax, depreciation and amortization (EBITDA) during the July-September quarter of FY24 is expected to jump by 130% to ₹14,257 crore from ₹6,196.2 crore in the same quarter last fiscal year, as per street estimates.
EBITDA margin is likely to improve by 572 basis points (bps) to 13.5% in Q2FY24 from 7.8%, YoY, led by raw material tailwinds and operating leverage benefits, partly offset by lower spares mix.
Tata Motors Results Live: Revenue growth seen at 33% YoY
Tata Motors is expected to report total revenue of ₹1,05,883 crore in the quarter ended September 2023, registering a growth of 33% from ₹79,611.4 crore in the year-ago quarter. The company’s India business performance was a mixed bag as commercial vehicle (CV) volumes grew 3.5% YoY while passenger vehicle (PV) volumes fell 3% YoY. JLR volumes are expected to grow YoY due to easing chip shortage situation and continued traction in new models.
Tata Motors Results Live: Auto major to remain profitable in Q2
The automobile major is expected to remain profitable in Q2FY24 as against witnessing a net loss in the corresponding quarter of last fiscal. Tata Motors is estimated to report a net profit of ₹3,994 crore in the second quarter of FY24 led by lower commodity prices, operating leverage and volume ramp-up at Jaguar Land Rover (JLR), as per average estimates of six brokerages.
Tata Motors Results Live: Tata Motors, Adani Enterprises, Dabur, others to announce Q2 results today
Approximately 132 companies will release their September quarter results today. A handful of major companies that will be releasing their Q2 results include Adani Enterprises Ltd, Adani Power Ltd, Berger Paints India Ltd, Godrej Properties Ltd, Gujarat Gas Ltd, Indian Railway Finance Corporation Ltd, Tata Motors Ltd, Tata Motors Ltd – DVR, Suzlon Energy Ltd, and Dabur India Ltd. Read here
Tata Motors Results Live: Auto major to report Q2 earnings today
Tata Motors, the passenger cars and commercial vehicle manufacturer, is set to announce its financial results for the quarter ended September 2023 today. The automobile major is expected to remain profitable in Q2FY24 as against witnessing a net loss in the corresponding quarter of last fiscal.