Tata Investment Corporation rallies 7% as profits jump 66% YoY

Shares of rallied over 7 per cent in Wednesday’s trade as the company recorded a YoY growth of over 66 per cent in its consolidated net profit to Rs 89.74 crore in the June quarter.

The company had posted a net profit of Rs 53.89 crore in the corresponding period last fiscal year, said Tata Investment corporation in a BSE filing.

The company’s quarter-on-quarter net profit grew by a massive 343 per cent from Rs 20.23 crore in the previous quarter due to strong operating performance and a healthy topline.

Total revenue from operations increased to Rs 102.08 crore for the quarter ended June 2022 as against Rs 61.98 crore in June 2021, up by 64.5 per cent YoY.

The total expenses saw a rise to Rs 11.17 crore from Rs 5.93 crore in the April-June period of the preceding fiscal.

Following the update, the scrip hit its day’s high at Rs 1539.85. At 12:45 pm, the scrip traded at Rs 1494.9, around 5.73 per cent above its previous close of Rs 1413.95.

The stock has given a negative 3-year return of 69.48 per cent as compared to a 79.52 per cent rise seen in the Nifty Midcap 100.

Promoters held 73.78 per cent stake and FIIs and DIIs held 1.33 per cent and 0.45 per cent stakes, respectively in the company as of 30 June 2022.