Consolidated net profit at Tata Motors—the maker of small cars to commercial vehicles—increased 222 percent to Rs 17,407.18 crore in the three months to the end of the fiscal year 2023-24, driven by strong sales by its UK unit Jaguar Land Rover.
Jaguar Land Rover, the company making the iconic Range Rover and popular Defender SUVs, had a disproportionate contribution with the unit accounting for more than 60 percent of Tata Motors' consolidated revenue.
Revenue from operations for the company saw a considerable increase as well, rising 13 percent to Rs 1,19,986.31 crore for the quarter under review against Rs 105,932.35 crore in the corresponding period of the previous financial year.
The Tata Motors board of directors declared a final dividend of Rs 6 per Ordinary Share and Rs 6.20 per 'A' Ordinary Share for the financial year ending March 31, 2024, exuding confidence in performance.
PB Balaji, Group Chief Financial Officer at Tata Motors, “It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows.
Balaji further added, “The India business is now debt-free, and we are on track to become net automotive debt-free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years.”
Read also | Strong Potential for 8% GDP Growth in FY24, Says CEA
