Tata Motors shares will remain in focus today as company has reported its Q1 results yesterday, check what target brokerages have set for company stock.
Tata Motors on Thursday said its consolidated net profit increased 74 per cent to Rs 5,566 crore in the June 2024 quarter, aided by robust performance by Jaguar Land Rover as well as domestic business.
The Mumbai-based auto major had posted a net profit of Rs 3,203 crore in the April-June quarter of last fiscal.
Total income increased to Rs 1,09,623 crore for the period under review against Rs 1,03,597 crore in the June quarter in FY24, Tata Motors said in a regulatory filing.
On a standalone basis, the automaker said its net profit stood at Rs 2,190 crore compared with a net loss of Rs 64 crore in the year-ago period. Total income rose to Rs 18,851 crore for the first quarter against Rs 16,132 crore in FY24.
Tata Motors Share Price Target
Brokerage JPMorgan has maintained an ‘Overweight’ rating on the stock and raised the target price from Rs 1115 earlier to Rs 1250.
Whereas Brokerage UBS maintained a ‘Sell’ on Tata Motors’ stock & stated that India CV margin and outlook are strong but PV margins continue to disappoint.
UBS has raised the target price on the stock from Rs 800 to Rs 825.
Jaguar Land Rover Q1 Results
Jaguar Land Rover reported a revenue of 7.3 billion pounds, the best first-quarter revenue on record, up 5 per cent versus the June quarter of FY24.
The higher profitability year-on-year reflects favourable volume, mix and material cost improvements, offset partially by increased marketing spend compared to a year ago, it stated.
“The first quarter has carried forward the momentum of last year with all businesses continuing to deliver on their distinctive strategies. We are confident of sustaining the performance in the coming quarters and delivering a strong year,” Tata Motors Group Chief Financial Officer PB Balaji said.
On the overall business outlook, the auto major stated: “Global demand is likely to remain muted and we expect gradual improvement in domestic demand during the rest of the year on account of continued investments in infrastructure, healthy monsoons, favourable macros and festive demand.” Commodities are likely to remain range-bound, it added.
(With Inputs From PTI)
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)