TMPV · Automobile and Auto Components
Tata Motors Passenger Vehicles Ltd. reported revenue of ₹94,472 cr for October to December 2024, −14.6% on the year and +12.9% on the quarter.
Operating profit (EBITDA) was ₹10,402 cr, a margin of 11.0%, −293 bps on the year and −84 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 11.0% to 14.2%). Operating costs grew −11.7%, faster than revenue at −14.6%, so operating profit grew less than sales.
Net profit was ₹5,484 cr, −23.2% on the year and +55.8% on the quarter, with earnings per share of ₹14.69. Profit before other income, one-offs and tax fell 22.8%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹108.05 over the last four quarters, the stock at ₹287.40 trades at 2.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1.05 lakh cr | ₹1.11 lakh cr | ₹1.19 lakh cr | ₹1.07 lakh cr | ₹83,656 cr | ₹94,472 cr | ₹98,377 cr | ₹87,677 cr | ₹72,349 cr | ₹70,108 cr | ₹1.05 lakh cr | ₹95,799 cr |
| YoY | — | — | — | +5% | −20% | −15% | −17% | −18% | −14% | −26% | +7% | +9% |
| EBITDA margin | 13.1% | 13.9% | 14.0% | 14.2% | 11.9% | 11.0% | 14.6% | 9.3% | −1.9% | 1.3% | 10.7% | 6.4% |
| Other income, % of PBT | 26% | 21% | 15% | 48% | 36% | 37% | 21% | 51% | 109% | — | 26% | 71% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 36% | 7% | — | 23% | 33% | 26% | 24% | 25% | −2% | — | 19% | 45% |
| Net profit | ₹3,832 cr | ₹7,145 cr | ₹17,528 cr | ₹10,587 cr | ₹3,521 cr | ₹5,484 cr | ₹8,556 cr | ₹4,003 cr | ₹76,248 cr | −₹3,483 cr | ₹5,878 cr | ₹859 cr |
| YoY | — | — | — | +221% | −8% | −23% | −51% | −62% | +2,066% | −164% | −31% | −79% |
| Core profit YoY | — | — | — | +82% | −25% | −23% | +12% | −64% | −308% | −202% | −39% | −82% |
| EPS | ₹11.33 | ₹21.14 | ₹52.37 | ₹31.63 | ₹9.36 | ₹14.69 | ₹23.01 | ₹10.66 | ₹206.85 | −₹9.47 | ₹15.70 | ₹2.10 |
| Flags | · | 1 | 1 | 2 | 1 | 1 | ✓ | 2 | 4 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Motors Passenger Vehicles Ltd. reported revenue of ₹94,472 cr (−14.6% on the year) and net profit of ₹5,484 cr (−23.2% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −22.8% on the year, against −23.2% for reported profit.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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