Staff Writer
Mumbai: 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.
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. 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.