The auto major's total domestic sales rose 2% to 90,822 units sold in March 2024 as against 89,351 units sold in March 2023.
The total domestic sales increased 7.06% last month compared with 84,834 units in February 2024.Tata Motors said that its sales in the domestic and international market for Q4 FY24 stood at 2,65,090 vehicles compared with 2,51,822 units during Q4 FY23, up 5.27% year on year (YoY).
Total commercial vehicles (CV) (domestic + exports) declined 10% to 42,262 units in March 2024 over 46,823 units in March 2023. Total domestic CV sales in March 2024 stood at 40,712 units, registering de-growth of 10% as against 45,307 units sold in March 2023. CV exports rose 2% to 1,550 units from 1,516 units sold during the period under review.
Girish Wagh, executive director of Tata Motors, said, The trend of YoY sales growth in volumes across most segments of H1FY24 moderated in H2 due to the combined effects of a high base, elections held across 5 states in Q3FY24 and upcoming General Elections in Q1FY25. In Q4 FY24, domestic sales at 1,04,922 units were marginally lower than Q4 FY23 sales of 1,12,145 units, which had benefitted from increased pre-buy due to BS6 Phase II transition.
The M&HCV segment contracted marginally about 6% vs Q4 FY23, with demand continuing from the governments infrastructure initiatives, expansion in core industries, and sustained growth in e-commerce. The Passenger Commercial Vehicles segment continued to register robust post pandemic recovery with sales rising around 38% vs Q4 FY23. Sales volume of small and light commercial vehicles reduced by 10% vs Q4 FY23 largely due to financing constraints experienced by the First Time User category.
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He added, Going forward, with promising GDP growth outlook, incentives from government to improve productivity in both manufacturing and agriculture sectors, and continuing focus on infra related developmental projects, demand for commercial vehicles is expected to improve from the in latter half of Q2 FY25. We remain cautiously optimistic about domestic demand while keeping a close watch on geopolitical developments, interest rates, fuel prices and inflation.
Total passenger vehicle (PV) sales increased 14% to 50,297 units sold in March 2024 as compared to 44,225 units sold in March 2023. Total domestic PV sales rose 14% to 50,110 units sold in March 2024 as against 44,044 units sold in March 2023. Total EV sales (IB & domestic) rose 4% to 6,738 units in March 2024 as against 6,509 units recorded in March 2023.
Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said, Passenger vehicle sales in India are projected to set a record in FY24 with over 4.2 million units sold supported by strong growth in SUV sales (SUVs expected to surpass 50% of overall sales in FY24 vs 43% in FY23) and rising popularity of emission-friendly powertrains. With sales of cars powered by traditional fuels (petrol and diesel) flattening, almost the entire incremental volume growth of FY24 is expected from rising sales of emission-friendly powertrains. EV and CNG segments are projected to post robust growth of 70% and 55% respectively in FY24 vs FY23, on the back of multiple new launches, growing charging infrastructure and CNG stations, significantly lower operating costs and growing consciousness among customers to be environment friendly.
In FY24, Tata Motors Passenger Vehicles (including EVs), posted its third consecutive year of highest ever sales with wholesales of 5,73,495 units (up 6% vs FY23) and retail sales growing around 10% vs FY23 (Vahan-based). In Q4 FY24, Tata Motors Passenger Vehicles (including EVs) recorded its highest ever wholesales of 1,55,651 units, registering a growth of 15% vs Q4 FY23. During the quarter, the highest number of EVs (20,640 units) were sold, posting a robust growth of 29% vs Q4 FY23.
Going forward, we expect the demand for passenger cars to remain strong, although the high base effect may keep the growth rate in single digit. Customers rising preference for safe and green vehicles should result in double digit growth for sale of cars with emission-friendly powertrains supported by new launches and a stronger value proposition - emission-friendly, lower total cost of ownership and equipped with smarter features.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
The auto major reported a consolidated net profit of Rs 7,025.11 crore in Q3 FY24, steeply higher than Rs 2,957.71 crore in Q3 FY23. Revenue from operations rose 25.07% YoY stood to Rs 1,09,799.22 crore in the quarter ended 31 December 2023.
The scrip rose 0.09% to close at Rs 992.10 on the BSE.
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