Tata Motors Ltd. share price target

JLR's wholesale volumes declined 6% YoY (-11.7% MoM) to 46.8k units (our estimate: 45.5k) in Oct'18- this includes China JV volumes of 2.4k units. Jaguar volumes increased 0.6% YoY to 13.4k units (our estimate: 14.5k), while Land Rover volumes declined 8.4% YoY to 33.4k units (our estimate:31k). JLR's retail volumes declined 4.6% YoY in Oct'18, impacted by a decline of 49% in China retails and 13.5% YoY in Europe retails. UK and US volumes grew 46.9% and 24.1% YoY, respectively

Tata Motors (TML) reported healthy performance in Q2FY19. The key surprise came on the JLR front with company reporting EBITDA margins of 9.1%. On the consolidated basis, TML clocked EBITDA margins of 10.9%, up 130 bps QoQ. TML reported loss of | 1,010 crore at the consolidated level; with one-off's at ~| 500 crore. On the standalone basis, Net sales in Q2FY19 came at | 17,759 crore (up 32.5% YoY. Sales volume stood at 190,615 units, up 24% YoY. EBITDA in Q2FY19 stood at | 1,501 crore with corresponding EBITDA...

9 October 2018 Automobiles JLRs wholesale volumes declined 8% YoY (+24% MoM) to 53k units (est. of 45k units; includes China JV volumes of 4.8k units) in Sep-18. Jaguar volumes increased 9% YoY to 19k units (est. of 15k), while Land Rover volumes declined 15% YoY to 34k units (est. JLRs retail volumes fell 12% YoY (down ~4% in 1HFY19) in the month due to a decline of 46% in China retails and ~7% in US retails. UK (-1%) and EU (-5%) witnessed substantial volumes pressure after the implementation of WLTP norms from Sep-18. Jaguar retail volumes grew 4% YoY, driven by new models like XE & I-Pace; volumes of other models declined substantially. LR volumes declined ~19% YoY, as strong growth in Velar (+26%) was more than diluted by a decline across other models. According to JLR, industry retails declined ~20.5% in the UK and ~31% in Germany. Industry retails in the US declined ~5.5%.

ICICI Securities Ltd | Retail Equity Research Tata Motors' owned Jaguar and Land Rover (JLR) came out with volume numbers for September 2018. Total JLR retail sales were at 57,114 units, down 12.3% YoY. For the quarter i.e. Q2FY19, total JLR retail sales were at 1.3 lakh units, down 13.2% YoY. On a YTDCY18 basis, retail sales were down 4% YoY to 448,106 units. Furthermore, media reports suggest that JLR is taking a two-week shutdown at its Solihull (UK) plant to align itself with the global supply & demand scenario. Solihull is one of the major...

10 September 2018 Automobiles JLRs wholesale volumes declined 4% YoY (+21.9% MoM) to 42.7k units (estimated 29.5k units), including China JV volumes at 4.1k units in Aug-2018. Jaguar volumes increased 29.4% YoY (+14.3% MoM) at 14.2k units (estimated 9.5k units), while Land Rover volumes declined 14.9% YoY (+26% MoM) to 28.5k units (estimated 20k units). JLRs retail volumes declined by 4.9% YoY (+1.3% MoM) to 36.

TTMT is India's largest commercial vehicle company and fourth-largest PV...

12 August 2018 Automobiles JLRs wholesale volumes declined 32% YoY (-7% MoM) to 35k units (includes China JV volumes of 4.1k units; est. Jaguar volumes declined 14% YoY to 12.4k units (est. of 13.5k units), while Land Rover volumes fell 39% YoY to 22.6k units (est. JLRs retail volumes declined 21.6% YoY (-30.6% MoM) to 36k units, as Jaguar retails fell 15.2% YoY (-32.7% MoM) to 10.

Tata Motors' (TML) Q1FY19 consolidated revenues at | 67081 crore (up 14.7% YoY, down 26.5% QoQ), below estimate of | 71293 crore Consolidated revenue was below estimate as JLR revenue of ~5.2 bn, came in below our estimate of 5.69 bn. The miss is attributable to volumes as wholesale volumes were down ~5% to ~131600 units (our estimate ~140222 units) due to temporary issue of sales deferral from lower duties in China & planned dealer stock reduction Reported consolidated EBITDA margins were at 9.5% (our estimate:...

India's biggest automaker Tata Motors reported a consolidated net loss for the quarter ended June at Rs 1,862.6 crore, missing estimates by a huge margin. India's biggest automaker Tata Motors reported a consolidated net loss for the quarter ended June at Rs 1,862.6 crore. Last year, the same quarter when the company had reported a onetime gain of Rs 3,600 crore after recalibrating the method of calculating pension liabilities at Jaguar Land Rover it net profit had come in at Rs 3200 crore. Tata Motors would have been in loss same quarter last year if not for this one-time gain. Net sales for the first quarter ended June 2018 rose 15% to Rs 67081.3 crore....

Tata Motors' (TTMT) Q1FY19 performance was adversely affected by JLR's slippage into losses due to inventory destocking, higher variable spends in the US and China, and need for regulatory testing in Europe. JLR masked the upswing in TTMT's India operations, which reported its highest EBITDA margin in nine quarters and a near breakeven in the PV business. With JLR fuelling a net loss of Rs 19bn for TTMT in Q1FY19, we lower our FY19/FY20 earnings...

to zoom at 8.7 % (up from 6.1% qoq) despite high RM costs. PV EBIT margins are in the negative territory, while CV margins are at ~8% during the quarter. Bottomline at this business adjusted for one offs came in at a profit of 13.8 bn against loss yoy. At JLR, the company...

31 July 2018 Net sales fell ~7% YoY to GBP5.2b, as volumes (ex JV) declined ~8% YoY. Realization grew 1.1% YoY (+3.1% QoQ), led by favorable spot FX and a better mix. EBITDA margin shrank 170bp YoY (-730bp QoQ) to 6.2% (est. of 10.4%), impacted by (a) China duty change leading to lower sales and higher variable marketing expense (GBP110m), (b) higher staff cost and (c) negative operating leverage. JLR reported a loss (GBP210m v/s est. of PAT of GBP88m) for the first time since FY10. increased ~85% YoY to INR168b (est. of INR164.5b), led by volume/realization growth of 61.4%/14.

10 July 2018 Automobiles JLRs wholesale volumes declined 24% YoY (-20.5% MoM) to 37.5k units (est. of 50k units; includes China JV volume of 7.6k units) in June 2018. Jaguar volumes declined 16.9% YoY to 10.4k units (est. of 15.5k units), while Land Rover volumes fell 26.6% YoY to 27.1k units (est.

ICICI Securities Ltd | Retail Equity Research Tata Motors owned Jaguar & Land Rover (JLR) at its recently held Investor Day, highlighted its business challenges & strategies for the way forward. JLR has laid down its strategy that focuses on 1) increasing its offering of advance driver-assistance system (ADAS) that is shaping up the industry; 2) to launch four new models thereby taking total nameplate to 16 by FY24E; 3) focus on cost (via engineering capabilities, globalise sourcing & managing SG&A;) and; 4) improving the financial performance...

Pace UK supplies will start from next week, as it was training its dealer network for EV launch. It has order book of 6 months, with launch in other markets in coming months. Also, recently launched RR/RR Sport PHEV has got better than expected response, leading to supply side constraints. As a result,it is yet to be launched outside UK and EU. MLA platform is scalable architecture utilizing efficiently modular commonalities. It is agnostic top ropulsion systems. Given uncertainty around inflection point for EVs, it is banking on flexibility offered by MLA's platform to offer ICE, MHEV, PHEV and BEV on same flexible architecture. Every product launched after 2020 will be based on this MLA architecture, and offer some form of electrification. Full rollout of MLA platform will complete by 2025

Standalone revenue registered 45% YoY growth in Q4FY18 driven by stellar 34% and 35% YoY growth in commercial vehicles (CV's) and passenger vehicle (PV's), respectively while the balance growth came from mix improvement. In FY18, the company has managed to arrest market share loss in CV's after seven consecutive years of decline with domestic market share in CV's increasing to 45.1% (+0.7% YoY). Growth in PV's was largely driven by new launches (Tiago, Tigor, Hexa & Nexon). JLR revenue grew by 3.9% YoY owing to 2.2% increase in volumes and 1.5% increase in realization. New launches/refreshes (Velar, Discovery) continue to witness good traction. Geographically, strong volume growth in...

Automobiles JLRs wholesale volumes grew 3.5% YoY (16.4% MoM) to 48.8k units (including China JVs 7k units) in May 2018. Jaguar volumes grew 21.1% YoY to 15.3k units (in-line) while Land Rover volumes declined 2.9% YoY to 33.5k units (in-line). JLRs retail volumes increased 6.1% YoY (6.9% MoM) to 48.3k units, as Jaguar retails grew 6.6% YoY (9.2% MoM) to 14.

Turnaround 2.0 is focused on delivering competitive, consistent and cash- accretive growth by a) winning customers and markets, b) building a profitable, fit-for-future product portfolio and c) driving operational efficiency and capital productivity. TTMT expects continued momentum in its domestic CV business after exhibiting a healthy progress in FY18. TTMT is aiming for Winning decisively in the CV segment by a) strengthening product planning to address white space, b) leading in technology, c) developing products via modular platforms and d) enhancing customer engagement. Its objective is to deliver sustainable and profitable growth for customers by providing solutions to their pain points. This, coupled with a continuous focus on optimizing cost and capex, would facilitate a turnaround in the PV business. While it wouldnt shy away from investing in business, it is focused on improving productivity of capex. Two areas where it is targeting to optimize capex are a) low-cost capacity addition (debottlenecking and brownfield) and b) modularity of platform.