Tata Motors Ltd. share price target

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%.

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....

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...

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...

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.