Tata Motors profit in Q4 triples to £1.75 bn on tax gains

Tata Motors saw its profit more than triple to £1.75 bn in the March quarter aided by tax credit gains and benefiting from the strength of its British unit Jaguar Land Rover.
For the full fiscal of 2024, profit rose 1,082% to £3.18 bn on the back of revenue that jumped 27% to £43.4 bn. These are the highest-ever numbers reported by the car maker.
Revenue during the fourth quarter of FY24 rose 14% to nearly £12 bn on the back of strong demand. Expenses climbed 9% to just over £11 bn.
The management expects local demand for vehicles to weaken during the first half of this fiscal as uncertainty around elections could impact sales. It, however, expects the domestic demand scenario to be better during the second half of the fiscal. The luxury segment demand would likely remain resilient in this fiscal, a positive sign for its money minting unit JLR. In Q4 FY24, Tata Motors recognised a tax credit gain of £788.7 mn, largely on account of JLR.