The decline in PAT can be attributed to the payment of ₹211 crore by the company to cover a one-time impact on Deferred Tax for Investment Income, caused by the removal of indexation and tax rate changes in the Finance Act, 2024.
The revenue from operations grew on the back of strong vehicle sales and spares with a steady exports recovery supported by a favourable sales mix. Both revenue and profit missed consensus estimates.
Sequentially, the revenue from operations grew by 11 per cent whereas the PAT declined by 28.65 per cent. The Ebitda (earnings before interest, taxes, depreciation, and amortisation) reached an all-time high of ₹2,653 crore, reflecting a growth rate of 24 per cent year-on-year.
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