Tata Motors posted its earnings for the quarter ended June after market close on Thursday.

What Happened: The Tata Group company’s net profit for the quarter came in at ₹5,566 crore, up 73% from the ₹3,203 crore posted in the same quarter last year. The company’s revenue stood at ₹1.08 lakh crore, a 6% increase from the ₹1.02 lakh crore reported in the corresponding quarter of the previous.

The revenue was mostly in line with street estimates while profit beat estimates. Analysts estimated the company’s revenue to come in at ₹1.08 lakh crore, while net profit was pegged at ₹5,061 crore. EBITDA margin for the quarter was at 14.4%.

Net automotive debt was at ₹18,600 crore. This is an increase from the ₹16,000 crore net debt reported at the end of March 2024. JLR’s net debts went up over ₹10,000 crore, from the ₹7,700 crore reported at the end of March 2024.

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JLR’s revenue for the quarter stood at ₹76,899 crore, up around 7.7% from the ₹71,396 crore posted in the corresponding quarter of the previous year. Domestic passenger vehicle revenue dipped around 7% to ₹11,847 crore, compared to the ₹12,839 crore reported in the same quarter last year.

The company said that global demand is likely to remain muted and it expects gradual improvement in domestic demand during the rest of the year on account of continued investments in infrastructure, healthy monsoons, favourable macros and festive demand. “Commodities are likely to remain range-bound,” the company added in the press release.

Earlier in the day, the company reported a decline in total sales for July, which fell by approximately 10.7% to 71,996 units from 80,633 units sold in July 2023. Domestic sales experienced an even sharper drop, decreasing by around 11% year-on-year to 70,161 units. These figures were significantly lower than Nuvama’s estimates, which had projected sales of around 79,500 units.

Price Action: Tata Motors’ share price was down 1.21% to close at ₹1,142.65 on Thursday.

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