Tata Motors Share Price Rockets as Q1 Profits Skyrocket to 3,089 Crores; JLR Reports Impressive Income Growth
Tata Motors delivered a stunning performance in Q1, recording a profit of 3,089 crores, marking a significant turnaround from the 5,000-crore loss reported in the previous year. JLR’s income also soared by an impressive 57% to reach 6.9 billion pounds. The company’s EBITDA grew by 16.3%, while net debt declined to 2.5 billion pounds.
Tata Motors Q1 Profits Soar to 3,089 Crores: A Remarkable Turnaround from Previous Losses
The management of Tata Motors expressed confidence in the future, stating that demand in the commercial vehicle segment is steadily improving in FY24. The net automotive debt has also decreased to 41,700 crores. However, JLR production may remain low in Q2 due to planned plant shutdowns, but the management anticipates a robust performance for JLR in FY24.
JLR Reports Impressive Income Growth of 57%
Brokerages like Jefferies, CLSA, and Morgan Stanley are bullish on Tata Motors, raising their target stock prices. Jefferies has a buy rating and increased the target to Rs. 800 per share, emphasizing the impressive EBITDA growth and stupendous performance of JLR. CLSA, with a buy rating, fixed the target at Rs. 780 per share, lauding above-estimate margins in both JLR and CV businesses. Morgan Stanley, with an Overweight rating, set the target at Rs. 711 per share, impressed by JLR’s outstanding business performance and the company’s plans for capital structure simplification by canceling DVR shares.
The market sentiment remains positive, and investors and traders are eyeing Tata Motors as a potential strong performer, making intraday trading a favorable option for those seeking substantial earnings.
