Tata Sons Sees Strong FY24 Performance
Tata Sons, the holding company of the Tata group, reported a 74% increase in consolidated net profit for FY24, reaching Rs 49,000 crore. This growth was driven by strong performance in IT, financial lending, and airlines.
Consolidated revenue rose 15% to Rs 4.77 lakh crore, with profit attributable to shareholders more than doubling to Rs 34,625 crore. Total revenue increased 25% to Rs 43,893 crore, while expenses decreased 27%.
The company's PAT jumped 57% to Rs 34,653.98 crore, and it repaid all borrowings except for Non-Convertible Debentures and preference shares. Net cash stood at Rs 2,679.19 crore as of March 31, 2024, compared to net debt of Rs 20,642.47 crore a year earlier.
The market value of Tata Sons' listed investments increased 35.7% to Rs 15,20,560.60 crore, and the group's combined market capitalization rose 47% to Rs 30,36,905 crore.
The group's aviation business narrowed losses to Rs 6,337 crore, while the digital and electronics business grew 148% to Rs 1,612 crore. Air India recorded its highest consolidated operating revenue at Rs 51,365 crore.
Tata Digital's portfolio grew to 20.76 million transacting customers, providing an aggregate merchandise value of Rs 37,355 crore.
The board recommended a dividend of Rs 35,000, double the amount paid in FY23. The remuneration of Tata Sons Chairman N Chandrasekaran increased 19.8% to Rs 135.3 crore.