Tata Motors total sales drop 11% YoY in Sept’24 | Capital Market News
The car major’s domestic and international vehicle sales declined 11.52% to 2,15,034 units in September 2024 as against 2,43,024 units sold in September 2023.
The companys total domestic sales for September 2024 stood at 69,694 vehicles, registering de-growth of 15.03% compared to 82,023 units in September 2023.
Total commercial vehicles sales slipped 23.12% to 30,032 units in September 2024 from 39,064 units reported in the same period last year.
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Total sales for Medium and Heavy Intermediate Commercial Vehicles (MH & ICV) domestic & international business in September 2024, including trucks and buses, stood at 14,839 units, down 22.71% compared to 19,199 units in September 2023.
Domestic sale of MH&ICV slipped 23.62% year on year to 14,190 units sold in September 2024.
Total passenger vehicles sales (including EV) declined 9% to 41,313 units in September 2024 from 45,317 units sold in the same period last year.
Shailesh Chandra, managing director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, The PV industry in Q2 FY25 saw more than 5% decline in retails (Vahan registrations) compared to Q2 FY24 driven by slow consumer demand and seasonal factors. In contrast, industry offtake was significantly higher than registrations in anticipation of a strong start to the festive season, resulting in a continued buildup of channel stock. In addition, electric vehicle sales in personal segment was affected by the lapse of registration and road tax waivers in key states. Fleet EV sales continued to remain impacted due to lapse of FAME II and non-inclusion of the fleet segment in PM-eDRIVE scheme.
During the quarter, we launched the Curvv, which has received an excellent response with strong bookings for all its powertrains petrol, diesel and electric. Initial deliveries of Curvv have commenced, and we will continue to ramp up production in Q3. Our market facing interventions have been well received, generating a strong pipeline. The launch of our higher range Nexon.ev has also generated strong consumer interest
Registrations picked up pace towards end of the month which augurs well for the festive period ahead and we remain focused on driving up consumer preference for our exciting range of vehicles while maintaining the health of our dealer network.”
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
The company reported a consolidated net profit of Rs 17,528.59 crore in Q4 FY24, steeply higher from Rs 5,496.04 crore posted in Q4 FY23. Revenue from operations increased 13.52% YoY to Rs 1,19,213.35 crore in the quarter ended 31 March 2024.
The companys consolidated net profit jumped 73.77% to Rs 5,566 crore on 5.68% rise in total revenue from operations to Rs 1,08,048 crore in Q1 FY25 over Q1 FY24.
Shares of tata motors shed 0.94% to Rs 965.50 on the BSE.
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First Published: Oct 01 2024 | 3:33 PM IST
