Tata Motors Celebrates Stellar Q2 Profit for Financial Year 2024 with Operations Standing at INR 1,05,128 Crore
Headquartered in Mumbai, Tata Motor Limited is a multinational subsidiary of the of the massive TATA group. The company boasts production and testing facilities in countries like Argentina, South Africa, Thailand, and the United Kingdom, along with India. The 37 billion US dollar giant has historically been a global leader in the field of automobile manufacturing.
Widely praised for its extensive portfolio covering models ranging from private cars, SUVs, and pickups to larger vehicles like buses, trucks, and defense vehicles. The India-based auto manufacturer is universally renowned due to its dedication, prestige, quality products, and customer-centered culture. Tata Motors has a well-established presence in the Indian market with state-of-the-art manufacturing sites situated in the cities of Jamshedpur, agar, Lucknow, Patna, Sanand, Dharwad, and Pune.
The brand has a deeply rooted legacy of value, trust, and passion to cater to the desires of the customers. In terms of revenue, the multinational is ranked 1st in Asia and is the world’s 17th largest automobile manufacturing company. With a fleet of more than 8.5 million Tata branded models used globally, the motor vehicle manufacturer rightly defends its rank. The automaker made a substantial net profit with a total revenue of INR 1,05,128 crore in Q2 FY24 as opposed to INR 79,611 in the same quarter of the previous financial year.
After the automaker incurred a loss in the financial year of 2023, the company’s management doubled their efforts. In order to match up and overcome a net loss of INR 1,004 crore, several measures were taken. “all the businesses delivered on their well-differentiated plans this quarter.” An exceptional profit after tax in the Q2 quarter of the financial year of 2024, with profit after tax deduction amounting to INR 3,783 against INR 1,004 crore in the July to September quarter of the previous financial year.
The company once expressed in a public statement, “We remain optimistic on demand despite external challenges and anticipate a moderate inflationary environment. We aim to deliver a stronger performance in H2 due to a healthy order book at JLR, strong demand for heavy trucks in CV, and exciting new-generation products in PV. Our financial performance is expected to improve further owing to a richer mix, continued low-break-even in JLR, execution of demand-pull strategy in CV, and improving profitability in PV/EV,”
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In the medium and heavy commercial vehicle segment, the company demonstrated a 24% growth based on an annual comparison of quarters. The remarkable feat was greatly helped by the outreach of various government-sustained initiative for infrastructural development, high demand for replacements, development in the core sectors, and e-commerce trends. While explaining future plans, the managing director of TMPV and TPEM, Shailesh Chandra, said, “It was a transition quarter for us as we proactively reduced our supplies of outgoing models to enable a smooth transition to their next-gen avatars. This, coupled with the fact that Q2 FY23 was our highest-ever sales, resulted in us reporting a marginal decline in revenues by 3.0% this quarter. The EV business posted strong sales growth of 55% during the quarter.”
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