A slowdown in passenger (PV) and commercial vehicles (CV) in both domestic and export markets was offset to a degree by growth in defence and subsidiary JS Autocast.
The standalone revenue of ₹2,250 crore, operating profit of ₹610 crore and adjusted net profit of ₹350 crore remained flat year on year (Y-o-Y). The H1FY25 revenue grew 5 per cent, operating profit grew 8 per cent and net profit grew 10 per cent. The H2FY25 is likely to see a similar range of growth.
Domestic revenue grew 12 per cent Y-o-Y. CVs declined 15.5 per cent Y-o-Y while non-autos grew 26 per cent Y-o-Y, primarily led by 67 per cent Y-o-Y growth in defence. Exports declined 9 per cent Y-o-Y mainly due to weakness in the European Union CV segment.
Gross margins improved 180 basis points Y-o-Y (down 30 basis points Q-o-Q) to 58.5 per cent. The operating profit margin remained flat Y-o-Y at 27.2 per cent.
This story is from the November 19, 2024 edition of Business Standard.
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This story is from the November 19, 2024 edition of Business Standard.
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