The company had posted a consolidated net loss of Rs 4,950.97 crore in the same quarter of the previous fiscal year, daddy Motors said in a regulatory filing.
Consolidated revenue from operations stood at Rs 1,01,528.49 crore, compared with Rs 71,227.76 crore in the same period a year earlier, it added.
Total expenses were Rs 98,266.93 crore, up from Rs 77,783.69 crore in the same quarter last year, the company said.
On a standalone basis, the after-tax loss narrowed to Rs 64.04 crore, from Rs 181.03 crore in the prior-year period, according to the filing.
Stand-alone income from operations was Rs 15,733.05 crore, compared with Rs 14,793.12 crore, it added.
Overall, Tata Motors said it continued its strong performance in the first quarter of FY24, showing a strong improvement driven by the JLR and commercial vehicle businesses, while the passenger car business was flat, the company said.
“Fiscal Year 24 has started on the right note, with all automotive verticals delivering strong performance. The distinct strategy employed by each business is now delivering consistent results and making them structurally stronger. We remain confident to maintain this momentum in the remainder of the year and achieve our stated targets,” said PB Balaji, CFO of Tata Motors Group.
JLR’s revenue in the first quarter of fiscal 24 was £6.9bn, up 57% (yoy), while pre-tax profit was £435m, it said, adding that higher year-on-year profitability reflects favorable volume, mix, pricing and exchange rate appreciation partially offset by higher inflation and supplier complaints.
“We’re off to a strong start to the fiscal year, achieving our highest production levels in nine quarters and our highest cash flow on record in the first quarter. This is a testament to the thousands of determined people in the business who are working tirelessly to deliver on all aspects of our Reimagine strategy,” said new JLR CEO Adrian Mardell.
Turning to the outlook for JLR, the company said second-quarter production and cash flow are expected to be lower than first-quarter, reflecting the annual summer plant shutdown, while wholesale sales and profitability are expected to be more in line with recent quarters.
Tata Commercial Vehicles’ revenue rose 4.4% to Rs 17,000 crore with domestic wholesale sales of 82,400 units, down 14.1% from a year earlier, while domestic retail sales were 77,600 units down 14.3%, the company said.
Tata Motors Ltd chief executive Girish Wagh said the company has successfully upgraded its entire portfolio beyond the mandatory requirements to transition to BS6 Phase 2.
“We were hit in the early part of the quarter with availability issues due to this big transition, but we saw improved performance sequentially as the quarter progressed,” he added.
Looking ahead, Wagh said, “we remain bullish on the demand environment, even as it continues to face the headwinds of high interest rates, fuel prices and inflation. We will continue to drive our demand-boosting strategy and increase our competitiveness with improved availability of our exciting product range as the year progresses.”
In the passenger vehicle (PV) segment, Tata Motors said first-quarter revenue was Rs 12.8 billion, up 11.1% driven by improving prices with volumes growing 7.7% to 140,400 units.
EV profitability is likely to improve from the second half of the year, he added.
“The passenger car industry in the first quarter of fiscal year 24 witnessed strong demand driven by new launches, especially in the SUV and electric vehicle segment…
“In line with the industry trend, SUVs continued to lead (Tata Motors PV) sales contributing around 64 percent, while car sales were boosted by multi-powertrain offerings from Tiago and Altroz,” said Shailesh Chandra, managing director of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd.
Regarding the outlook, he said: “We expect a stable supply chain and strong demand with the start of the festive season in the second half of the second quarter of fiscal 2024.”