Tata Motors’ share price continued its golden run on Monday as the automobile giant’s earnings for the March quarter beat street estimates.

What Happened: The Tata Group company’s consolidated revenue from operations for the quarter stood at ₹1.05 lakh crore, up 35.1% from a year ago. Revenue from Jaguar Land Rover (JLR) stood at ₹71,463.07 crore, up over 48% from the ₹48,022.57 crore revenue it brought in the March quarter of 2022. Revenue from the company’s commercial vehicle division stood at ₹21,239.90 crore up 14.6% year-over-year.

The company’s EBITDA margin for the quarter stood at 13.3%, up 214 bps points compared to the same quarter last year. JLR’s EBITDA margin was 14.6%. The company posted a profit for the second consecutive quarter. Net profit for the quarter stood at ₹5,407.8 crore, up 82.84% from the December quarter. Earnings per share for the quarter stood at ₹14.11.

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The company also declared a ₹2/share dividend for the first time in seven years. If the dividend is approved by the company’s shareholders at its annual general meeting scheduled on Aug. 8, it shall be paid from August 14, 2023.

Brokerages were also impressed by the company’s numbers. Goldman Sachs maintained its ‘buy’ call on the stock, raising the price target to ₹600 from ₹550. Nomura also maintained its ‘buy’ rating for the stock with a price target of ₹610, up from the ₹508 target it had assigned earlier. Jefferies also maintained the ‘buy’ rating for the stock, with a price target of ₹665- a close to 30% upside from the stock’s last closing price of ₹513.80.

Price Action: Tata Motors’ shares raced up as much as 4.02% to trade at ₹536.70 as the markets opened on Monday.

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