August 2023 \ Business & Investment \ Business and Governance
Tata Motors logs Rs 3,300 crore Q1 profit

Chennai: Automobile major Tata Motors Ltd closed the first quarter of FY24 with a consolidated net profit of Rs 3,300.65 crore. The company’s Board also approved the simplification and consolidation of its capital structure. Tata Motors closed Q1FY24 with a total income of Rs 103,596.62 crore (against Q1FY23’s Rs72,822.02 crore) and a net profit of Rs 3,300.65 crore (against a net loss of Rs.4,950.97 crore). The Tata Motors Board in their July meeting gave a nod for the reduction of capital by cancelling the entire ‘A’ Ordinary shares and issue and alloting Ordinary shares that would rank pari passu with the existing Ordinary shares. The holders of ‘A’ Ordinary shares will get seven ordinary shares for every 10 shares (‘A’ Ordinary shares) held by them as capital reduction consideration.