Tata Motors Shares Dip As March Sales Numbers Come In

Tata Motors‘ share price dipped on Monday after the company posted its sales for the month of March.

What Happened: The Tata Group company’s total sales for the month were at around 92,000 units. Domestic sales for the auto giant went up around 2% to 90,822 units compared to the 89,351 vehicles sold in March 2023.

Total sales for the quarter ending March 2024 were at 2.65 lakh units of vehicles, compared to 2.51 lakh units during the same quarter last year. Domestic sales for the quarter were up 5% year-on-year at 2.59 lakh units.

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Passenger vehicle sales were at 50,297, up 14% from the 44,225 units sold in March 2023. EV sales for March were at 6,738.

Talking about the outlook for the new financial year Shailesh Chandra, managing director, Tata Motors Passenger Vehicles, said, “Going forward, we expect the demand for passenger cars to remain strong, although the high base effect may keep the growth rate in single-digit. Customers' rising preference for safe and green vehicles should result in double-digit growth for the sale of cars with emission-friendly powertrains.”

Commercial Vehicle sales slowed down a bit at 42,262 units, down 10% from the 46,823 vehicles sold in March 2023.

Talking about the performance, Girish Wagh, executive director, Tata Motors said, “FY24 began on a promising note for the commercial vehicles industry with the industry expecting to scale the previous volume peak achieved in FY19.

The trend of year-on-year sales growth in volumes across most segments of H1FY24 moderated in H2 due to the combined effects of a high base, elections held across 5 states in Q3FY24 and upcoming General Elections in Q1FY25.”

Price Action: Tata Motors’ share price was up 0.060% to trade at ₹993.40 in the late hours of trading on Monday.

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