Tata Motors reported a consolidated net loss of Rs 1,032.84 crore in Q4 FY22 as against a net loss of Rs 7,605.40 crore in Q4 FY21.
Revenue from operations declined by 11.5% YoY to Rs 78,439 crore during the quarter.
EBITDA contracted by 30.9% to Rs 8,803 crore in Q4 FY22 over Q4 FY21. EBITDA margin in Q4 FY22 was 11.2%, down 320 bps.
The company recorded a pre-tax loss of Rs 341.10 crore in Q4 FY22 as compared with a pre-tax loss of Rs 7,643.27 crore in Q4 FY21.
JLR reported net loss of 95 million pounds in Q4 FY22 as against a net loss of 920 million pounds in Q4 FY21. Fourth quarter revenue decreased by 27.1% YoY to 4,767 million pounds.
JLR recorded an exceptional charge of 43 million pounds in the fourth quarter relating to its business in Russia.
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Wholesales (excluding the China Joint Venture) in Q4 were 76,526 units, up 11% on Q3 FY22 with higher production volumes. Retail sales in Q4 were 79,008 vehicles, down 1% from Q3 FY22 as a consequence of constrained wholesales and low dealer inventories.
JLR expects the global semiconductor shortage to continue through the next fiscal year with gradual improvement. However, the Covid lockdowns in China, as well as the new Range Rover Sport model changeover, are expected to limit volume improvements in Q1 possibly resulting in negative EBIT and negative free cash flows in the quarter. Volumes are expected to improve progressively thereafter, and we target achieving a 5% EBIT margin and positive free cash flow of more than 1 billion pounds in FY23 for the full year.
Thierry Bollor Jaguar Land Rover's chief executive officer, said: The environment remains difficult in light of the global chip shortage and other challenges. However, I'm encouraged by the continuing strong customer demand for our products, highlighted by a record order book.
Tata Commercial Vehicles (Tata CV) recorded a pre-tax loss of Rs 55.56 crore in Q4 FY22 as against a pre-tax loss of Rs 9.31 crore in Q4 FY21. Revenue improved by 29.3% YoY to Rs 18,528.87 crore during the period under review.
Tata CV's wholesales in Q4 FY22 stood at 122.3 thousand units (up 7.6% YoY), CV domestic wholesales at 110.0 thousand units (up 7% YoY) and domestic retails at 107.4 thousand units in (up 16% YoY).
The domestic CV market share of Tata CV improved to 44.9% in FY22 (up by 250 bps as compared with FY 21) with all segments gaining shares.
Tata CV said that the CV industry is poised for further growth on the back of increased activity in road construction, mining and improved infrastructure spending. The supply situation continues to show gradual improvement. Sharp commodity inflation, however, continues to remain a challenge.
Girish Wagh, Tata Motors, said: The Indian Commercial Vehicles sector, deeply impacted for two successive years, showed promising signs of growth in FY22 supported by a steady recovery in the economy, rising industrial activity and reopening of markets.
The improvement in consumer sentiment, buoyancy in e-business, firming freight rates, reopening of schools and offices and higher infrastructure spends in road construction and mining helped regenerate demand. We optimized production, introduced new passenger and cargo mobility solutions and accelerated sales to grow every quarter and gain higher market share in every segment of commercial vehicles.
We are keeping a close watch on geopolitical developments, fuel inflation and semiconductor shortage.
Tata Passenger Vehicles (TATA PV) recorded 62% YoY growth in revenue to Rs 10,491.32 crore in the fourth quarter of FY22. The segment reported a pre-tax loss of Rs 233.19 crore in Q4 FY22 as against a pre-tax profit of Rs 1,682.22 crore in Q4 FY21.
In Q4 FY22, Tata PV global wholesales stood at 123.6 thousand units (up 47% YoY), PV domestic wholesales at 123.1 thousand units (up 47% YoY) and domestic retails at 115.0 thousand units (up 44% YoY). Tata PV's domestic PV market share improved by 440 bps to 13.4% in Q4 FY22.
In passenger vehicles, the company will continue to drive strong sales performance whilst improving profitability and managing supply bottlenecks. In Electric Vehicles, the business will drive up penetration and accelerate sales further. The business is expected to deliver strong improvement in margins and profitability in FY23.
Shailesh Chandra, managing director, Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility, said: In a challenging year disrupted by Covid, semi-conductor crisis and steep increase in commodity prices, Tata Motors set several new records in passenger and electric vehicles to make FY22 a landmark year. We posted our highest ever annual, quarterly and monthly sales in March 22.
Tata Motors recorded a consolidated net loss of Rs 11,441.47 crore in FY22 as against a net loss of Rs 13,451.39 crore in FY21. Revenue from operations increased by 11.5% to Rs 278,454 crore in FY22 over FY21.
Finance costs increased by Rs 1,215 crore to Rs 9,312 crore during FY22, due to higher gross borrowings.
For the year, net loss from joint ventures and associates amounted to Rs 74 crore compared with a loss of Rs 379 crore in FY21. Other income (excluding grants) was Rs 929 crore in the current year versus Rs 725 crore in the prior year.
Free cash flow (automotive) in the year, was negative at Rs 9.5 thousand crore (as compared to positive Rs 5.3 thousand crore in FY 21), primarily due to working capital impact of Rs 9.6 thousand crore. The business showed strong sequential recovery with positive free cash flow (automotive) of Rs 11.9 thousand crore in H2.
With respect to outlook, Tata Motors said: The demand remains strong despite geopolitical and inflation concerns. The supply situation is gradually improving, whereas commodity inflation is likely to remain at elevated levels. We expect performance to improve through the year as the China COVID and semiconductor supplies improve and aim to deliver strong EBIT improvement and free cash flows in FY 23 to get to near net auto debt free by FY 2024.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
The scrip slumped 4.07% to end at Rs 372.10 on the BSE today.
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