Tata Motors shares jump after Q4 earnings surprise
Tata Motors reported a lower-than-expected fall in its fourth quarter consolidated net profit at Rs 3,945 crore and revenue also beat street at Rs 56,002 crore, up 10 percent, sending the shares up 4 percent in opening trade.
Moneycontrol Bureau
Tata Motors accelerated over 4 percent in opening trade on Thursday after the street cheered a better-than-expected performance in the fourth quarter.Its consolidated net profit in the January-March quarter declined 37 percent year-on-year to Rs 3,945 crore, while revenue gained 10 percent to Rs 56,002 crore.Analysts on average had expected the India's largest commercial vehicle maker to report a net profit of Rs 2,990 crore, on revenue of Rs 53,000 crore.In the year ago quarter, JLR's net profit was boosted by a credit of GBP 225 million (Rs 1,794 crore) for past income tax losses.Tata Motors' standalone business has been hit by a slump, both in the CV as well as passenger car business. It reported a loss of Rs 312 crore in the fourth quarter, with revenue declining 32 percent. However, that was offset by strong growth at its luxury Jaguar Land Rover division ( net profit of GBP 378 million, revenue up 22 percent to GBP 5.05 billion).JLR's Evoque continues to see strong demand and other recent launches like the new Range Rover too are seeing good sales.Also Read: Slym on offensive; Tata Motors to launch 50 CV models in FY14At 9:25 hrs, Tata Motors was up 2.6 percent at Rs 311.65 on NSE. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
