Tata Motors Ltd. share price target

strong with 10 launches in key markets until 4QFY16 (implying 15% growth between SeptemberMarch 2016), (3) consumer downtrading clearly evident with only 2530% of RR and RR Sport sales coming from top variants (vs. 50%+ last year), (4) given sluggish...

In our recent meeting, Tata Motors (TTMT) management appeared to be cautious about China?s market conditions. However, it expects a double-digit growth in the US/Europe markets. The company is fairly confident of achieving more than 500k sales volume for the year at JLR.

Tata Motors (TTMT) delivered disappointing Q1FY16 performance with margin contraction at JLR, on account of inferior geographical mix. Its consolidated Revenues/EBIDTA/PAT declined 6%/18%/47% YoY, but rose (10)%/8%/56% QoQ to Rs610bn/Rs91bn/Rs28bn, as against our estimate of Rs 632.6bn/Rs88bn/Rs27.7bn in the quarter.

results were marginally below our estimates and should allay investor concerns on marginsduetodeterioratingproduct/countrymix.AdjustedEBITDAmarginforJLRstood at 15.5% Standalone surprised positively with EBITDA margin of 4.7% (+196bps qoq) vs....

Tata Motors 1QFY16 operating performance was weaker than expected as JLRs adjusted EBITDA declined by 29% YoY to GBP 774mn, partially offset by robust standalone operations (EBITDA margin at 4.7%, 200bps QoQ).

deviate from the rendition stated by various articles and reports, we highlight the following myths getting debunked: Myth: Stock market crash impacted luxury car sales. Reality:Corruptionclampdowndid.Myth:LREvoqueisfacingproductionrampupissues...

In our recent interaction, TTMT?s management indicated that despite a ~25% YTD crack in JLR?s China volumes, they expect FY16 vols to end flat or mildly positive. However, pricing pressure in China will drive down overall margins for FY16.

On the domestic business, increasing thrust by new government on infrastructure and reforms in mining sector will result in higher CV demand where Tata Motors is the market leader. Passenger Vehicle business too will witness significant uptick. With two new models expected to be launched every year till 2020, the company is hopeful of a strong recovery in its passenger car business. While the newgeneration Nano is beginning to find its footing in the market, its bigger siblings, the Zest and Bolt, are challenging the established players. Since its launch last month, the new Nano has attracted...

Buy on dips to Rs 442 - Rs 473 for Target of Rs 503 in 1 quarter

Tata Motors (TTMT) delivered subdued Q4FY15 performance with margin contraction at JLR, on account of inferior geographical mix. Its consolidated Revenues/EBIDTA/PAT grew 3.5%/(15.6)%/(58)% YoY, but fell 3.4%/16%/53% QoQ to Rs 676bn/Rs84.4bn/Rs17.7bn (impacted by forex loss of Rs 15bn) in the quarter. Consolidated EBIDTA margin contracted by 282bps YoY & 188bps QoQ to 12.5%, impacted by forex loss and margin contraction at JLR.