Tata Motors to hike prices of passenger vehicles by 1.2% from February
1 min read . Updated: 27 Jan 2023, 05:14 PM IST
Premium- Tata Motors on Wednesday reported a consolidated net profit of ₹3,043 crore in the December quarter, its first profit in two years, on account of robust sales.
Tata Motors Ltd said on Friday it would hike prices of its passenger vehicles by 1.2% on a weighted average basis from 1 February, citing a rise in overall input costs.
The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike, it added.
The firm has already announced that it is looking to increase the prices of its passenger vehicles from next month to make its model range compliant with stricter emission norms, which kick in from April 2023.
Meanwhile, shares of Tata Motors on Friday jumped over 8 percent in morning trade after the firm reported a consolidated net profit of ₹3,043 crore in the December quarter.
The stock climbed 8.16 per cent to ₹453.20 on the BSE.
At the NSE, it zoomed 8.19 per cent to ₹453.40.
Tata Motors on Wednesday reported a consolidated net profit of ₹3,043 crore in the December quarter, its first profit in two years, on account of robust sales.
The Mumbai-based auto major had reported a net loss of ₹1,451 crore in the October-December quarter of the previous fiscal.
Stock markets were closed on Thursday on account of Republic Day.
Total income increased to ₹88,489 crore in the period under review from ₹72,229 crore in the year-ago period, Tata Motors said in a regulatory filing.
On a standalone basis, Tata Motors reported a net profit of ₹506 crore in the third quarter, a jump of over two-fold, from ₹176 crore in the October-December period of 2021-22.
