Tata Motors share have slipped 8 percent in the last month.
The luxury car maker's sales for the month increased by 29 percent year-on-year, reaching 6,093 units as compared to 4,732 units sold in May last year.
Tata Motors says the premium luxury segment is poised to maintain resilience.
Following the results, Nomura downgraded the stock to 'neutral' from 'buy,' predicting that JLR could potentially face a demand risk.
Tata Motors share have slipped 8 percent in the last month.
Tata Motors share have slipped 8 percent in the last month. This is in sharp contrast as the counter stock was the best performer on the Nifty in 2023.
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Shares of Tata Motors Limited closed 3 percent to Rs 928 apiece on June 5 following strong sales from its British subsidiary Jaguar Land Rover (JLR) for May.
The luxury car maker's sales for the month increased by 29 percent year-on-year, reaching 6,093 units as compared to 4,732 units sold in May last year. The firm's shares pared some gains after hitting an intraday high of Rs 934.
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In Q4, the Defender maker continued its strong financial performance with another record-breaking quarter. JLR's revenue for the quarter stood at 7.9 billion pounds, an 11 percent surge compared to Q4FY23 and a 6 percent rise compared to Q3FY24. Furthermore, JLR's revenues for FY24 reached 29 billion pounds, a 27 percent increase compared to the prior year.
India's largest four-wheeler electric vehicle manufacturer posted a staggering 222 percent growth in its consolidated net profit, reaching Rs 17,407.18 crore. The company’s Profit after Tax (PAT) for the same period last year stood at Rs 5,407.79 crore.
However, the Nexon maker anticipates a sluggish start to FY25, citing an expected dip in local passenger vehicle (PV) demand amidst ongoing elections. Tata Motors says the premium luxury segment is poised to maintain resilience.
Following the results, Nomura downgraded the stock to 'neutral' from 'buy,' predicting that JLR could potentially face a demand risk. "PVs to grow ahead of the industry and CV growth can moderate," the international brokerage said in a report.
Tata Motors share have slipped 8 percent in the last month. This is in sharp contrast as the counter stock was the best performer on the Nifty in 2023.
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