

Mumbai,January 29, 2025.
Tata Motors Ltd.(TML) announced its results forquarterending December 31, 2024.
Q3FY25 | Consolidated (₹ Cr Ind AS) | Jaguar Land Rover (£m, IFRS) | Tata Commercial Vehicles (₹Cr, Ind AS) | Tata Passenger Vehicles (₹Cr, Ind AS) | |||||
FY25 | Vs. PY | FY25 | Vs. PY | FY25 | Vs. PY | FY25 | Vs. PY | ||
Revenue | 1,13,575 | 2.7% | 7,486 | 1.5% | 18,431 | (8.4)% | 12,354 | (4.3)% | |
EBITDA (%) | 13.7% | (60) bps | 14.2% | (200) bps | 12.4% | 130 bps | 7.8% | 120 bps | |
EBIT (%) | 8.9% | 60 bps | 9.0% | 20 bps | 9.6% | 100 bps | 1.7% | (40) bps | |
PBT (bei) | 7,700 | ₹(75) Cr | 523 | £(103) mn | 1,726 | ₹70 Cr | 292 | ₹(116) Cr | |
YTD FY25 | Revenue | 3,23,074 | 1.6% | 21,234 | 0.5% | 53,568 | (6.4)% | 35,902 | (5.3)% |
EBITDA (%) | 13.2% | (90) bps | 14.0% | (180) bps | 11.6% | 120 bps | 6.6% | 50 bps | |
EBIT (%) | 7.7% | (20) bps | 7.8% | (50) bps | 8.8% | 110 bps | 0.7% | (90) bps | |
PBT (bei) | 22,296 | ₹2,821 Cr | 1,614 | £ 110 mn | 4,575 | ₹456 Cr | 694 | ₹(196) Cr |
Tata Motors Consolidated:
For Q3 FY25, TML delivered revenues of ₹113.6K Cr (up2.7%), EBITDA at ₹15.5K Cr (13.7%, down 60bps)and EBIT of ₹10.0K Cr (8.9%, up60bps), witnessing strong improvement over Q2 FY25 as supply challenges eased. PBT (bei) for Q3 FY25 stoodat ₹7.7K Cr,down ₹75Cr while Net Profit was ₹5.6K Cr. For YTD FY25, the business reported a strong PBT (bei) of ₹22.3K Cr, an improvement of ₹2.8K Cr over the previous year.
JLR delivered a robust performance in Q3 FY25 with record quarterly revenue,highest EBIT margin in a decade and a ninth successive profitable quarter.CV revenues declinedon account of lower volumes and mix, however EBITDA margins improved to 12.4% (up 130 bps) primarily reflecting material cost saving and the impact of PLI incentive. PV revenues were down 4.3% however EBITDA margin wasup by 120 bps at 7.8% due to cost controls and PLI incentive.
The company received sanction of Automotive Production Linked Incentives (PLI)in December 2024. Accordingly, an income of ₹351 Cr has been recognized.
Looking Ahead:
We expect underlying domestic demand to improve gradually on account of infrastructure spends, slew of exciting product launches and stable interest rates. While JLR wholesales are expected to improve further in Q4 FY25, we remain watchful on the overall demand situation, particularly in China.
PB Balaji, Group Chief Financial Officer, Tata Motors said:
“In Q3, the performance of all businesses improved sequentially.For YTD FY25, our business grew 1.6% over the previous year to ₹323.0KCrand delivered a robust PBT (bei) of ₹22.3KCr(+14.5%).The fundamentals of the business are strong and therefore despite external challengeswe are confident ofdelivering another strong performance this year.”
JAGUAR LAND ROVER (JLR) |
Highlights
- Q3 FY25 Revenue at £7.5 billion (+1.5%), EBITDA 14.2% (-200 bps), EBIT 9.0% (+20 bps), PBT (bei) £523 million
- YTD FY25 Revenue at £21.2 billion (flat), EBITDA 14.0% (-180 bps), EBIT 7.8% (-50 bps), PBT (bei) £1,614 million
- JLR delivered a robust third quarter in FY25, with record Q3 revenue, the highest EBIT margin in a decade and a ninth successive profitable quarter
- Cash balance was £3.5 billion and net debt £1.1 billion, with gross debt of £4.6 billion
- Total liquidity was £5.1 billion, including the £1.6 billion undrawn revolving credit facility
Reimagine Transformation continues:
Modern Luxury
- Jaguar Type 00 design vision revealed in Miami in December 2024
- Defender OCTA driven by global press for the first time to widespread acclaim
- Defender to compete in Dakar and FIA World Rally-Raid Championship from 2026 in vehicle based on Defender OCTA, showcasing its durability and strength
- Range Rover’s highly crafted SV Bespoke vehicle, the Candeo, featuring hand applied paint and 18K solid gold badging, signals the future of SV Bespoke personalisation for Range Rover clients.
- Range Rover wins Made in UK award at annual Walpole British Luxury Awards
Electrification / Sustainability
- Range Rover Electric development continues with the waiting list now at 57,000
- Q3 Range Rover plug-in electric hybrid sales grew by 163% year-on-year as more clients take a step towards electrification
- JLR Circularity Lab has delivered industry first recycled seat foam proof of concept for use in future vehicles to reduce emissions and waste
Enterprise
- JLR invests in new special paint facilities in Castle Bromwich, UK, and Nitra, Slovakia, to meet growing demand for vehicle personalisation and reduce emissions
- JLR to partner with Tata Communications (TCL), using its MOVE™ platform on our next generation vehicles to enable continuous connectivity in remotest locations from 2026
Financials
JLR delivered a robust performance in Q3 FY25 with record Q3 revenue and the highest EBIT margin in a decade, and a ninth successive profitable quarter. Revenue for the quarter was £7.5 billion, up 1.5% YoY, while YTD revenue at £21.2 billion was flat YoY.Compared to Q2 FY25, revenue was up 16%, driven by higher wholesales following supply disruptions in Q2 FY25.PBT (bei) in Q3 was £523 million, down from £627 million a year ago, while YTD FY25 PBT (bei) was £1.6 billion, up 7% YoY. EBIT margin was 9% (up 20 bps YoY). The increase in profitability year-on-year reflects higher volumes, improved mix and a reduction in depreciation and amortisation (D&A) driven by Castle Bromwich production cessation and ICE end of life extensions, partially offset by an increase in VME, warranty costs and unfavourable FX revaluation.
Looking ahead
Looking ahead, while mindful of the challenging economic backdrop, the Company is on track to achieve its profitability and
cash flow targets in FY25, with EBIT margin ≥8.5% and positive net cash.
Adrian Mardell, JLR Chief Executive Officer, said:
“JLR has delivered a robust performance in the third quarter of our financial year, and further milestones in our Reimagine strategy. Thanks to our people and partners we achieved record revenue and our best EBIT margin in a decade and our electrification plans are progressing. We revealed the beautiful, reimagined Jaguar design vision – Type 00 – in Miami, and later this year, we will launch Range Rover Electric.”