Tata Motors domestic PV sales nearly double in Jan
Shares of Tata Motors rallied to Rs 311 on the BSE in Tuesday’s intra-day trade after the company retained positive momentum and reported a 15% month-on-month (MoM) and 94% year-on-year (YoY) growth in domestic passenger vehicles (PV) sales at 26,978 units during the month January 2021.
The stock of Tata group commercial vehicles (CVs) company was trading at its highest level since June 2018.
Total CVs sales during the month remained flat at 32,909 units on MoM basis while declined 3% on a YoY basis. Tata Motors total sales in the domestic & international market for January 2021 stood at 59,959 units, compared with 47,862 units during January 2020.
PV segment demand was healthy amid preference for personal mobility.
Tata Motor’s outperformance continues amid strong consumer response to its new forever series (Nexon, Altroz among others).
For the October-December quarter, Tata Motors posted a sharp 67% YoY growth in net profit at Rs 2,906 crore. The company, which owns Jaguar Land Rover (JLR), returned to net profit after three consecutive quarters of loss. The better-than-expected net profit was led by strong operational performance both at the standalone and JLR businesses.
Consolidated revenue for the said quarter came in at Rs 75,654 which was higher than consensus estimates that had pegged the same at Rs 72,292 crore. The operating profit margins expanded by 540 basis points to nearly 15% on higher operating leverage, improving product mix, geographic markets and lower other expenses.
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