Tata Motors shares gain over 3% on strong growth in JLR UK sales in May

Jaguar Land Rover UK sales numbers for May 2024 increased 29% year-on-year (YoY) to 6,093 units compared to 4,732 units in May 2023.

On June 1, in an exchange filing, Tata Motors announced its monthly sales report for May 2024. The company reported a 2% increase in its domestic sales for May 2024, reaching 75,173 units compared to 73,448 units in the same month last year.

Total sales of commercial vehicles (CVs) increased by 2%, to 29,691 units, up from 28,989 units in May 2023. Domestic sales of CVs saw a 3% increase, totalling 28,476 units compared to 27,570 units in the previous year. Additionally, total passenger vehicle (PV) sales, including electric vehicles, rose by 2% to 47,075 units, up from 45,984 units in May 2023.

Earlier this month, on May 10, Tata Motors reported its financial results for the quarter and financial year ended March 31, 2024. In the fourth quarter of the financial year 2023-24 Tata Motors reported 219% year-on-year (YoY) rise in its consolidated profit after tax at ₹17,528.59 crore in the quarter ended March 2024, compared to ₹5,496.04 crore in Q4FY23. Revenue from operations increased 13% YoY to ₹1.2 lakh crore during the quarter.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 26.6% YoY to ₹17,900 crore during the quarter.

The company’s board also recommended a final dividend for the financial year ending March 31, 2024. The proposed dividend was ₹6 per fully paid-up ordinary share with a face value of ₹2, which included a normal dividend of ₹3 and a special dividend of ₹3. Additionally, the board recommended a dividend of ₹6.20 per fully paid-up ‘A’ ordinary share with a face value of ₹2, consisting of a ₹3.10 normal dividend and a ₹3.10 special dividend. The company said, these dividends, if approved at the annual general meeting, will be paid to eligible shareholders on or before June 28.

Shares of Tata Motors closed 2.67% higher at ₹928 apiece on the NSE.