Tata Tea Gold Care Celebrates Mother's Day With Meaningful Personalized Experiences At Nexus Mall Koramangala, Bengaluru

 

*         The venue will be transformed into an emotional wonderland where mothers and children can create and celebrate heart touching Mother’s Day memories

*         Consumers who are visiting these malls with their mothers can participate in a unique technology-led activation where their photo and wish will get immortalized on a digital screen in real-time.

Celebrating the timeless bond between a mother and her child, Tata Tea Gold Care, the marquee brand from Tata Tea will create a personalised journey for consumers and their mothers through a tech-enabled activation in Nexus Mall, Koramangala.  At  the Tata Tea Gold Care booth, consumers can get a lovely photo clicked with their mothers, which will be transformed into a beautiful, customized wish on a digital screen in real time. Simultaneously this picture will also be printed on a tea cup, which would be gifted to the consumer on the occasion of Mother’s Day. This will be implemented in partnership with Laqshya Media group.

In continuation of the brand’s commitment to provide meaningful experiences, Tata Tea Gold Care also announced the personalization of over 600 tea packs, inspired by entries received from across the country through a comprehensive campaign comprising of print, digital and social. Through a dedicated website www.tatateagoldcare.com, consumers can submit a picture capturing the essence of their relationship with their mother along with a heartfelt message. The best 650 entries that reach first will receive a free, personalized pack of Tata Tea Gold Care. This pack will be delivered to directly to customer’s homes (and will not be commercially sold). Through this website, consumers can also download a special e-greeting that can be shared with their mothers, making them feel truly celebrated. Even while waiting at the Tata Tea Gold Care stall in the mall,  consumers can participate in this contest, as they will receive an automated message on their phone, encouraging them to visit the website and take part in the contest.

To spread the message and encourage participation in this unique activation in Nexus Mall, Tata Tea Gold Care tied up with local influencers and RJs to promote the event on their radio and social channels.

Mr. Puneet Das, President - Packaged Beverages (India and South Asia), Tata Consumer Products, shared his insights on the campaign, stating, "At Tata Tea Gold Care, we are dedicated to celebrating the unique and unconditional bond between mothers and their children. Our Mother's Day campaign, #MyTurnToCare2, is a tribute to the innate care and strength exemplified by mothers worldwide. Through innovative initiatives like personalised packaging and tech-enabled on-ground activations, we aim to create lasting memories and meaningful connections with our consumers.”

One of the highlights of the on-ground activation is the fully tech-enabled experience, where images and heartfelt messages will be showcased on a grand LED screen, capturing the attention of all mall visitors. This moment of recognition will transform mothers into celebrities, spreading joy and warmth throughout the mall. Each consumer will also receive a personalized tea cup that will make their tea-time experience with their mothers even more special.

Bike-Taxis Offer Sustainable, Affordable Last-Mile Connectivity, Help Create Jobs, Opine Experts

There was an urgent need for sustainable mobility solutions in India to combat the challenge of air pollution and bike-taxis could offer that said senior industry professionals and experts in the field, addressing a roundtable discussion on the ‘Role of Bike-Taxis in India’s Mobility Landscape’, presented by the Internet and Mobile Association of India (IAMAI), in partnership with Uber, on May 9, 2024.

“Electrification of the fleet is not going to reduce the number of vehicles plying on the road. To reduce the number of vehicles, Government shall adopt Travel Demand Management (TDM) measures, like congestion pricing, LEZ etc. Recently, the Transport Department of the Delhi Government notified the ‘Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023’, which mandates that bike taxis should be operational in electric mode only. Considering such policy-level interventions, E-Bike-taxis could be a perfect market fit, offering clean first and last-mile connectivity while complementing public transport usage by providing easy access to the transit stations,” said Mr. Sourav Dhar, Programme Lead of Mobility at Council on Energy, Environment, & Water (CEEW).

Ms. Aishwarya Raman, Executive Director, OMI Foundation, said, “There's a misconception that embracing digital mobility services will result in revenue loss from commercial vehicle registrations. However, revenue from GST paid by mobility platforms—covering not just taxi cabs but also auto-rickshaw and bike rides—far surpasses that generated solely from 10-year permit-based registrations for commercial vehicles. Exploring alternative revenue streams is imperative for sustainable growth.”

She added, “Bike-taxis offer crucial last-mile connectivity and accessibility, filling a gap in transportation infrastructure. They also serve as effective tools for road and night safety interventions, particularly for young women who prioritise safety and vigilance from platform providers. Recognising bike-taxis as legitimate entities and enhancing safety features are essential steps forward.”

The roundtable was addressed by industry captains, thinktanks, academia and various relevant stakeholders from the environment and sustainability verticals. It provided a platform for discussing the evolving landscape of urban mobility in India with strategic insights from industry experts. Among those who spoke at the roundtable were Dr. Niti Bhasin, Professor, Delhi School of Economics; Mr. Sharif Qamar, Associate Director, Transport and Urban Governance, The Energy and Resources Institute; Mr. Raghavan Viswanathan, Associate Partner – Deal Advisory, Klynveld Peat Marwick Goerdeler (KPMG); Mr. Sourav Dhar, Programme Lead of mobility, Council on Energy, Environment and Water (CEEW), and Dr. Dhanya MB, economist, VV Giri National Labour Institute.

KPMG was the Knowledge Partner of the roundtable. Mr. Raghavan Viswanathan, Associate Partner—Deal Advisory, KPMG, said, “Today, the primary concern for daily commuters revolves around navigating through traffic congestion. While public transport serves as a lifeline, the challenge lies in reaching bus stops or metro stations, causing additional stress. In such scenarios, bike-taxis emerge as crucial feeder services, playing a pivotal role in India's mobility landscape.”

“The key takeaways from the research done by KPMG are that bike taxis help generate jobs. India boasts nearly 1 million gig workers, with bike taxi drivers constituting nearly 50% of this workforce. Last year, the sector showed promise, with the potential to reach 2.3 million, but due to regulatory challenges, approximately 80% of these workers remain underutilised,” Mr. Viswanathan added.

The experts engaged in deliberations on topics such as the impact of bike taxis on urban mobility in India, income opportunities generated by them, their sustainability and environmental impact, as well as the regulatory standards to facilitate industry growth. The roundtable consultations aimed to ensure robust motorised connectivity, sustainability, low cost of travel, and employment for a gig economy.

Ms. Revathy Pradeep, Researcher, The International Council on Clean Transportation (ICCT), said, “While bike-taxis are seeing organic growth in parts of the country, the electrification of bike taxis along with the need for driver training to prevent road crashes and enhance safety are critical areas of focus. While bike-taxis significantly reduce the time needed for last-mile connectivity, we must be cautious about the vehicle models being used.”

Speaking about the regulatory framework, Dr Niti Bhasin, Professor, Delhi School of Economics, said, “An effective regulatory framework for bike taxis requires coordination between the Centre and the States. While bike taxis are contributing to employment and decongestion in the transportation ecosystem of India, the unique socio-cultural aspects related to this industry also merit attention. Further, it is also important to understand how bike taxis can serve as a viable alternative to e-rickshaws, particularly in the context of last -mile connectivity.”

About Internet and Mobile Association of India

Established in 2004, the Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body representing the digital industry. With 580 members, including Indian and multinational corporations, as well as start-ups, IAMAI has been instrumental in shaping India’s digital economy. IAMAI advocates free and fair competition, and progressive and enabling laws for businesses as well as for consumers. The overarching objective of IAMAI is to ensure the progress of the internet and the digital economy. Its major areas of activities are public policy and advocacy, business to business conferences, research, promotion of start-ups and promotion of consumer trust and safety.

ITDC posts Unprecedented Financial Results In FY 2023-24- Profit Before Tax Surpasses Rs. 100 Crore

India Tourism Development Corporation (ITDC), a Public sector under the Ministry of Tourism, is thrilled to announce its exceptional financial performance for the fiscal year 2023-24, marking a significant milestone in its rich legacy and journey.

ITDC has soared to new heights, achieving its highest-ever turnover and profit figures. The corporation recorded a remarkable total turnover of Rs. 527 crores, reflecting an impressive 16% increase compared to the previous fiscal year. Additionally, the Profit Before Tax (PBT) surged to Rs. 110 crores, marking a 34% rise over the preceding period, with a Profit After Tax (PAT) of Rs. 72 crores.

Mr. M.R. Synrem, IAS, Managing Director of ITDC, expressed his pride & satisfaction, stating, "The fiscal year 2023-24 has been a testament to ITDC's resilience and commitment to excellence. Our record-breaking financial performance underscores our dedication to delivering unparalleled value to our customers and other stakeholders."

Across all major business verticals, ITDC has witnessed robust growth, demonstrating its unwavering dedication to providing world-class hospitality and tourism experiences. This success is a testament to ITDC's customer-centric approach and unwavering focus on quality and innovation.

ITDC remains committed to its mission of providing unparalleled customer experience, driven by a relentless pursuit of excellence and innovation. By consistently delivering superior quality, service, and amenities, ITDC has solidified its position as the preferred choice among travellers and business professionals alike.

About India Tourism Development Corporation:

ITDC was incorporated in 1966 with a mandate to develop and expand tourism infrastructure in the country. The Corporation has been moving ahead with consistent efforts on development, growth and world-class services and amenities to its guests. Apart from running Hotels, the ITDC has diversified into non-hotel sectors like Ticketing, Tours and Travels, Event Management, Duty-Free Shopping, Publicity & Printing Consultancy, Engineering Consultancy, mounting Sound & Light Shows, Hospitality education and skill development– all under one roof.

Waaree Renewable Technologies Limited Record Year of Strong Growth Record

* Record Year of Strong Growth Record

* Revenue growth of 149.73% YoY at Rs. 876.44 crores and Record PAT growth of 167.55% YoY at Rs. 148.04 crores

* Unexecuted Orderbook of 2,365 MWp to be executed in next 18 months.

Waaree Renewable Technologies Limited (BSE: 534618), the Solar EPC Company of Waaree Group, a solar developer that finances, constructs, owns and operates solar projects, has reported its Audited Financial Results for the Quarter and Year ended March 31, 2024.

KEY PERFORMANCE HIGHLIGHTS

FY24

• Revenue for FY24 stood at Rs. 876.44 crores representing a growth of 149.73% YoY as compared to Rs.350.96 crores in FY23

• EBITDA for FY24 stood at Rs. 207.18 crores as compared to Rs. 83.75 crores in FY23 representing a growth of 147.40% YoY

• PAT for FY24 stood at Rs. 148.04 crores as compared to Rs. 55.33 crores in FY23 representing a growth of 167.55% YoY

Q4FY24

• Revenue for Q4FY24 stood at Rs. 273.25 crores representing a growth of 344.40% YoY as compared to Rs. 61.49 crores in Q4FY23

• EBITDA for Q4FY24 stood at Rs. 75.30 crores as compared to Rs. 22.29 crores in Q4FY23 representing a growth of 237.83% YoY

• PAT for Q4FY24 stood at Rs. 54.18 crores as compared to Rs. 12.28 crores in Q4FY23 representing a growth of 341.41% YoY

• Order book Position:

o Unexecuted order book stands at 2,365 MWp

o Bidding pipeline remains robust

KEY UPDATES

• The Company has successfully completed the corporate action of a stock split, reducing the face value of its Equity shares in the ratio of 1:5 per share. The face value of shares now stands at Rs. 2/- per share

• Recent Order Wins

o 980 MWp Ground Mounted solar power project

o 412 MWp Ground Mounted solar power project

o 450 MWp Ground Mounted Solar power Project

o 4 MWp Ground Mounted solar power project

Commenting on the results Mr. Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: "As a company committed to driving sustainable solutions, we are excited to share our progress and the significant opportunities that lie ahead. India has set an ambitious target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50 percent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. The country aims for 500 GW of renewable energy installed capacity by 2030.

The country’s renewable energy market is on the rise, with a record 69GW of bids in FY2024, surpassing the government's target. Solar power, both grid-scale and rooftop, remains the primary contributor, accounting for 81% of the added capacity. The installed solar energy capacity has increased by 30 times in the last 9 years and stands at 81.81 GW as of March 2024.

Policy initiatives like the PM Surya Ghar: Muft Bijli Yojana aim to further boost solar installations, particularly in residential areas. With a strong balance sheet and disciplined financial management, the focus is on executing profitable projects with higher returns. This progress signifies not only environmental strides but also promising economic prospects in India's renewable energy landscape.

We are also pleased to inform you that the board of directors has recommended a dividend of Rs. 1/- for the face value of share of Rs. 2/- each. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.”

Air India Appoints SIA Engineering Company As Strategic Partner To Develop Maintenance Facilities

Air India has appointed SIA Engineering Company Limited (SIAEC) as its strategic partner for the development of Air India’s Base Maintenance facilities at Bengaluru.

As part of the partnership, Air India will work closely with SIAEC on the planning, construction, development and operationalization of Air India’s Base Maintenance facilities in Bengaluru, India. Projected to be ready in 2026, the facilities will comprise both widebody and narrowbody hangars, including associated repair shops, to support the growing Maintenance, Repair and Overhaul (MRO) needs of the aircraft fleet in Air India Group.

Campbell Wilson, Chief Executive Officer & Managing Director, Air India, said: “The collaboration with SIA Engineering Company will not only help Air India become more self-reliant for the maintenance of its own fleet but it also reiterates our commitment to strengthen India’s aviation infrastructure by boosting the growth of the country’s MRO industry.”

Chin Yau Seng, Chief Executive Officer, SIAEC, said: “We are delighted to be able to play a small part in Air India’s amazing transformation journey and look forward to working closely with the Air India team to ensure the success of this project. This appointment marks another significant milestone in the development of the partnership between Air India and SIAEC. Going forward, we hope to have even more opportunities to collaborate with Air India in the MRO space in India.”

Air India had earlier announced setting up a state-of-the-art Maintenance, Repair, and Overhaul (MRO) facilities at Kempegowda International Airport Bengaluru (operated by Bangalore International Airport Ltd) starting with Airframe Maintenance through the development of widebody and narrowbody aircraft hangars for all checks.

About Air India:

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has built an extensive domestic network with non-stop flights to cities around the world, across the USA, Canada, UK, Europe, Far-East, South-East Asia, Australia, and the Gulf. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022.

Air India is navigating through a major five-year transformation roadmap under the aegis of Vihaan.AI, with an ambition to become a world class airline with an Indian heart. The first two phases of this transformation journey were recently concluded and focused on fixing the basics. These included bringing back to service many long grounded aircraft, addition of talent across flying and ground functions, rapid upgradation of technology and strengthening of customer care initiatives amongst others. A member of Star Alliance, the largest global airline consortium of leading international airlines, Air India offers seamless connectivity and facilities to passengers all over the world.

Tata Motors Announces Robust Consolidated Q4 FY24 Results

* Revenue Rs 120.0K Cr (+13.3%), EBITDA at Rs 17.9K Cr (+26.6%),  PBT (bei) Rs 9.5K Cr (+4.4K Cr),

* PAT Rs 17.5K(+12K Cr) Cr, Automotive Free Cash Flows Rs 14.1K Cr (+2.8K Cr) vs PY)

·  JLR Revenue £7.9b up 10.7%, EBITDA at 16.3% (+150 bps), EBIT at 9.2% (+270 bps)

·  Tata CV Revenue Rs 21.6K Cr, up 1.6%, EBITDA at 12.0% (+190 bps), EBIT at 9.6% (+100 bps)

·  Tata PV Revenue Rs 14.4K Cr, up 19.3%, EBITDA at 7.3% (flat yoy), EBIT at 2.9% (+150 bps)

Tata Motors Consolidated:

For FY24, TML reported record revenues of Rs 437.9K Cr, an all-time high EBITDA at Rs 62.8K Cr, highest ever PBT (bei) of Rs 28.9K Cr (+Rs 27.1K Cr over the previous year) and net profit of Rs 31.8K Cr (+Rs 29.1K Cr over the previous year). The strong performance has also helped to recognize a Deferred Tax Asset of Rs8.3K Cr at JLR and TML.

In Q4 FY24, TML delivered a strong performance with revenue of Rs 120.0K Cr (up 13.3%), EBITDA at Rs 17.9K Cr (up 26.6%) and EBIT of Rs 11.0K Cr (+?3.8K Cr) with all three auto businesses delivering a strong performance. PBT (bei) stood at Rs 9.5K Cr (+?4.4K Cr) and net profit was Rs 17.5K Cr (+Rs 12.0K Cr). Net automotive debt reduced further to Rs 16.0K Cr. 

Dividends:

The Board of Directors have recommended a final dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share and a special dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share subject to approval by the shareholders.

Looking Ahead:

We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker. The premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. Despite this, we are confident of delivering a strong performance in FY25.

PB Balaji, Group Chief Financial Officer, Tata Motors said:

“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. The India business is now debt free, and we are on track to become net automotive debt free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years.”

JAGUAR LAND ROVER (JLR) - 

Highlights

·       Record Q4 and FY24 revenue of £7.9 billion and £29.0 billion respectively.

·       PBT (bei) was £661 million in Q4; FY24 full year PBT (bei) was £2.2 billion, the highest since FY15.

·       EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.

·       Free cashflow was £892 million for Q4 and a record £2.3 billion for FY24. Net debt reduced to £0.7 billion.

·       Order book around 133,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.

Reimagine Transformation continues.

Record Range Rover wholesale and retail sales for Q4 and FY24.

Range Rover Electric generating strong interest with over 28,700 sign ups to the waiting list

Range Rover SV demand more than doubles to 4,099 units in FY24, including sale of 20 Range Rover SV Bespoke Sadaf editions which sold out at around £330,000 each.

New Defender OCTA to be revealed on July 3, 2024 with prospective clients invited to one of seven exclusive events to experience the product.

Investment of £356m in Electric Propulsion Manufacturing Centre in Wolverhampton, UK, installing equipment to manufacture battery packs and electric drive units.

Launched three new JLR Insurance products to support UK clients, as part of JLR financial services offering.

New Range Rover Electric and new Jaguar prototypes currently undergoing cold weather testing.

Energy storage systems using second life Range Rover, Range Rover Sport PHEV and I-Pace batteries, developed.

Financials

JLR continued its strong financial performance trend in the financial year, with another record-breaking quarter in Q4 FY24. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for FY24 were £29.0 billion - JLR’s highest ever full year revenue and up 27% compared to the prior year.

PBT (bei) in Q4 was £661 million (+£293 million yoy) and EBIT margin was 9.2% in Q4, (+270bps yoy). The higher profitability yoy reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago. Profit after tax (“PAT”) in Q4 was £1.4 billion vs a profit of £259 million in the same quarter a year ago. PBT for FY24 was £2.2 billion – the highest since FY15; and PAT for FY24 was £2.6 billion. PAT also factors in the recognition of a deferred tax asset (DTA) of £1.0 billion due to a reassessment of future recoverability tax losses and allowances.

Free cash flow for the quarter was £892 million and £2.3 billion for the full year, the highest ever full year cash flow. The year ended with a cash balance was £4.2 billion and net debt £0.7 billion and a total liquidity was £5.7 billion, including the £1.5 billion undrawn revolving credit facility maturing April 1, 2026.  

TATA COMMERCIAL VEHICLES

Highlights

·     Q4 FY24 revenue at Rs 21.6K Cr (+1.6%), EBITDA 12.0% (+190 bps), EBIT 9.6% (+100 bps), PBT (bei) Rs 2.0K Cr.

·     FY24 revenue at Rs 78.8K Cr (+11.3%), EBITDA 10.8% (+340 bps), EBIT 8.2% (+300 bps), PBT (bei) Rs 6.1K Cr.

·     Domestic Vahan market share at 39.1% in FY24. HGV+HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck market share continues to remain strong; SCV market share starting to improve.

·     Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter technologies to deliver even better performance and value. 

·     Introduced technologically advanced, highly fuel efficient and reliable Turbotronn 2.0 engine, for 19-42 tonne range.

·     Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT. Introduced Tata Magic bi-fuel.

·     Fleet edge, the connected vehicle platform has now more than 600K vehicles.

Green transformation continues

·     Showcased India’s 10 most advanced, efficient and eco-friendly CV’s at Bharat Mobility Global Expo 2024, including Prima 5530.S LNG, industry first H2ICE truck, E-mobility concept tipper, Magna EV, Ace and Intra bi-fuel.

·     Delivered green-fuel powered CV’s to Tata Steel. The fleet includes Prima tractors, tippers and the Ultra EV bus, powered by LNG and battery electric technologies.

·     TCPL Green Energy Solutions inaugurated facility to produce Hydrogen based internal combustion engines.

·     Unveiled 2 state-of-the-art facilities for development of Hydrogen propulsion technologies.

·     Over 4300 ACE EV’s plying delivering 99% uptime resulting in repeat purchases. Higher payload variant launched.

·   2600+ EV buses are operational. TML e-bus fleet cumulatively crossed 140 million Kms with >95% uptime.

Financials

In Q4 FY24, domestic wholesale CV volumes were 104.6K units, lower 7% yoy on account of increased pre-buy in Q4 FY23 due to BS6 Phase II transition. Exports were at 4.5K units increasing 13% yoy.  However, revenues improved by 1.6% yoy to Rs 21.6K Cr on account of improved pricing and lower VME’s. EBITDA and EBIT margins of 12.0% (up 190 bps yoy) and 9.6% (up 100 bps yoy), respectively were delivered. For the full year, while overall volumes declined by 4%, HCV volumes increased by 5%.

Looking ahead

With promising GDP growth outlook, incentives from government to improve productivity in both manufacturing and agriculture sectors, and continuing focus on infra, demand for CV’s is expected to improve from H2 FY25. We remain cautiously optimistic about domestic demand while keeping a close watch on geopolitical developments, interest rates, fuel prices and inflation. We will continue to deliver strong EBITDA performance and focus on net cash will continue.

Girish Wagh, Executive Director Tata Motors Ltd said:

“The Indian CV industry grew by a modest 2% in volumes during FY24, impacted by a high base effect of FY23, elections held across 5 states and the announcement of general elections. At Tata Motors, we strengthened our portfolio with the introduction of new passenger and cargo mobility solutions, stepped-up the thrust on digitalization, enriched customer engagement and experience with stronger partnering and made holistic progress on our sustainability agenda. Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of Rs78.8K Cr and profits of Rs6.1K Cr in FY24. Going forward, we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more value to customers with innovative products, smarter services and holistic mobility solutions.”

TATA PASSENGER VEHICLES

Highlights

·     Q4 FY24 revenue at Rs 14.4K Cr (+19.3%), EBITDA 7.3% (flat yoy), EBIT 2.9% (+150 bps), PBT (bei) Rs 0.5 K Cr.

·     FY24 revenue at Rs 52.4K Cr, (+9.4%), EBITDA 6.5% (+10 bps), EBIT 2.0% (+100 bps), PBT (bei) Rs 1.4 K Cr.

·     VAHAN registration market share increased to 13.9% in FY24. #2 player in H2 FY24 with 14.3% market share.

·     Strong market leadership in EV at 73.1% despite increase in competition. EV penetration at 13%, CNG at 16% in FY24.

·     Introduced twin cylinder iCNG technology in Tiago, Tigor, Punch, and Altroz enabling no compromise on boot space.

·     Revolutionized the CNG segment in the country by introducing AMT in its CNG cars.

·     Strong response to facelifted Nexon, Harrier and Safari - significant design changes and several futuristic technologies.

·     New Nexon, Safari and Harrier receive GNCAP 5-star rating for both adult and child occupant protection. New Safari and Harrier secured highest score by an Indian Car in GNCAP and also became first recipients of BNCAP's 5-star rating.

·     Commenced production at its state-of-the-art new facility in Sanand, Gujarat.

Green transformation continues

·     Range of Nexon.ev extended to 465 kms. Strong response to Nexon.ev facelift.

·     TPEM introduced new brand identity “Tata.ev” for the EV business, embodying the core philosophy of "Move with Meaning," unifying the values of sustainability, community, and technology.

·     Announced platform-sharing partnership with JLR to accelerate development of ‘premium electric’ series ‘Avinya’.

·     Introduced advanced Pure EV architecture – acti.ev which will underpin future products from the TPEM portfolio.

·     Introduced first car “Punch.ev” on the acti.ev architecture.

·     Inaugurated exclusive TATA.ev stores in Gurugram, offering an immersive experience for the EV community.

·     Signed MOUs with charging point operators and OMC’s for setting up 22,000+ chargers in next 12-18 months.

Financials

In Q4, PV volumes were at 155.6K units (+14.8% yoy) supported by new SUV facelifts and multiple power trains. Nexon continued to be the highest selling SUV in FY24 and along with the Punch was amongst top 5 models sold in India. Revenues in Q4 were up 19% yoy at Rs 14.4K Cr, while EBIT margins improved by 150 bps yoy to 2.9% owing to operating leverage on improved volumes and savings in commodity costs. In Q4, PV (ICE) business delivered double digit EBITDA margins and EV business was EBITDA positive (before R&D spends) at 1.1%. On full year basis, the PV business delivered ~9% revenue growth and highest ever PBT (bei) at Rs 1.4K Cr (+Rs 0.7K Cr yoy).

Looking ahead

We expect the demand for passenger cars to remain strong, although the high base effect, coupled with extraneous factors elections, heat wave, etc. may keep the growth rate moderate. We will continue to focus on retails and deliver market beating growth to sustain double digit EBITDA margins and positive free cash flows for PV business. We will continue to proactively drive EV penetration through new product launches and ecosystem development and improve profitability.

Shailesh Chandra, Managing Director TMPV and TPEM said:

“Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50% of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6% growth in wholesales and 10% in retail sales over FY23. Our multi-powertrain approach and sharp focus on green technologies increased the penetration of CNG and electric vehicles to 29% in the overall portfolio. We sold 73.8K EVs during the year (up 48% vs FY23) and crossed milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual volumes of 573.5K units, growing by 6.0% over FY23, and recorded highest ever profits of Rs 1.4K Cr.”

ADDITIONAL INFORMATION

Finance Costs

Finance costs reduced by Rs 239 Cr to Rs 9,986 Cr in FY24, due to reduction in gross debt during the period.

Joint ventures, Associates and Other income

For the year, net profit from joint ventures and associates amounted to Rs700 Cr compared with a net profit of Rs 336 Cr in FY23. Other income (excluding grants) was Rs 2,979 Cr in FY24 versus Rs 1,720 Cr in FY23.

Free Cash Flows                           

Free cash flow (automotive) for the year, was highest ever at Rs 26.9K Cr (as compared to Rs7.8K Cr in FY23) owing to significant improvement in cash profits and favourable working capital.

Odysse Electric's Dynamic Duo: SNAP High-Speed Scooter Zooms In With E2 Low-Speed Model For Eco-Friendly Commutes

Odysse Electric, a trailblazer in the electric two-wheeler industry, proudly unveils the launch of two cutting-edge models, the “SNAP High-Speed Scooter” and the “E2 Low-Speed Model”. These innovative additions to the Odysse Electric line-up represent a significant stride towards revolutionising India’s electric vehicle sector.

The SNAP high-speed scooter is designed to provide an exciting riding experience without compromising sustainability. With a peak motor output of 2000 watts and a top speed of 60 km/h, the SNAP provides unparalleled performance and agility. The SNAP, with a range of 105 km on a single charge and a charging time of less than 4 hours, guarantees easy and dependable urban transportation. Its innovative features include a  Waterproof IP67 motor, Robust Indian chassis as well as an AIS 156 certified smart battery (LFP) that is fireproof, long-lasting, and simple to maintain. In addition, the SNAP has a CAN-enabled display for exact battery level monitoring and distance-to-empty computation, as well as cruise control for enhanced convenience.

On the other hand, the E2 Low-Speed Model is engineered for urban commuters seeking reliability and sustainability. With a motor power of 250 watts and a maximum speed of 25 km/h, the E2 prioritizes safety and sustainability. Offering a range of either 70 km and a charging time of just 4 hours, the E2 ensures hassle-free urban commuting with minimal environmental impact.

Nemin Vora, CEO of Odysse Electric, stated, “At Odysse Electric, we strive to redefine the electric mobility landscape with sustainable and innovative solutions that empower consumers and contribute to a greener future. With the introduction of the SNAP high-speed scooter and the E2 low-speed model, we demonstrate our unwavering commitment to excellence, sustainability, and customer satisfaction. It is our belief that these new offerings will set new standards for electric two-wheelers in India and beyond.”

Since its establishment in 2020, Odysse Electric has been at the forefront of transforming India’s electric vehicle landscape. Renowned for its eco-friendly and technologically advanced offerings, Odysse Electric continues to receive international recognition for its unwavering dedication to excellence, innovation, and sustainability.