Tata Motors clocked a net profit of INR 3,800 Crore in Q2 FY 23-24; with a revenue increase of 32% to INR 1,05,128 Cr. The management hinted that H2 will see even better performance than H1 with some new launches coming up.
“We will see a stronger performance by the passenger vehicles segment in the next two quarters as the benefits of the new launches come through and able to meet targets for Profits in Q2 FY 23-24”, said PB Balaji, CFO, of Tata Motors.
The company management indicated that H2 will see improved performance as EV battery prices are going to come down and new products would drive the sales growth. During the festive season, passenger vehicles have crossed the sales number of 50,000 vehicles in October; now with the revamp of Tata Harrier and Tata Safari, sales numbers would see a certain push; said Balaji. Currently, the company’s installed capacity in Passenger Vehicle is 55,000 units per month with another 30,000 units of Sanand II capacity to become fully operational by Q4 of this fiscal. In commercial vehicles, the capacity utilization is over 60%. The CV business profitability this quarter has been driven by reduced prices, better mix, and largely no discounting, he added.
