Shares of Tata Motors surge over 4 pc on the back of strong quarterly earnings
May 15, 2023
New Delhi [India], May 15 : The shares of Tata Motors went up more than 4 per cent on Monday. The automobile firm posted strong quarterly earnings on May 12 and achieved a 52-week high on Friday's session while the company's earnings were declared after market hours.
The shares of the firm were trading 2.99 per cent up at Rs 531.40 apiece at 10.38 am on Monday. In a span of five days, the firm's shares went up 4.96 per cent, while it had zoomed 12.82 per cent in a period of one month.
The company declared its earnings on Friday. In the fourth quarter (Q4FY23), Tata Motors surpassed estimates in consolidated net profit to Rs 5,407.79 crore in the quarter ended March 31, 2023. The Mumbai-headquartered company had a net loss of Rs 1,032.84 crore in the year-ago period. Sequentially, the fourth quarterly profit after tax (PAT) saw a nearly 83 per cent growth.
On a consolidated basis, revenue from operations stood at Rs 1,05,932.35 crore in the quarter under review, against Rs 78,439.06 crore in the fourth quarter of the previous fiscal. In December 2022 quarter, the revenue was at Rs 88,488.59 crore.
The board of directors at the Tata Group automaker recommended a final dividend of Rs 2 per ordinary share and Rs. 2.1 per share for DVR shareholders, subject to approval by the shareholders at the AGM.
Differential Voting Rights (DVR) shares are shares that are permitted to be issued with differential voting and differential dividend rights.
According to the company, the higher volumes and realisations are likely to result in a 53 per cent year-on-year jump in Jaguar Land Rover's revenue to 7.3 billion pounds. It will also declare a dividend for the first time since 2016, as it returned to profitability in the December quarter after two consecutive years of losses.
