Tata Motors Ltd. share price target

India's biggest automaker Tata Motors Tata Motors has reported a 49% fall in its consolidated net profit at Rs 1,108 crore. The company had reported a profit of Rs 2,175 crore in a year ago period. The figure above includes profit attributable to shareholders of the company and noncontrolling interests. Revenue of the company declined 4% to Rs 86,422 crore against Rs 89,928.97. The JLR operations once again returned to profitability in the fourth quarter. The quarter marked drop in margins though for the company. Both the topline and bottomline beat expectations for Q4FY9. While topline was expected at...

Tata Motors (TML) reported a healthy operational performance in Q4FY19 with key positive notables being EBITDA margins at JLR, which were at 9.8% with consequent FCF generation of 1.4 billion. On a standalone basis, for Q4FY19, net revenues were at | 18,561 crore (down 6.2% YoY) while EBITDA was at | 1,354 crore (EBITDA margins at 7.3%, down 150 bps YoY). On the JLR front, net sales were at 7.1 billion. On a consolidated basis, net sales were at | 86,422 crore, down 5.3% YoY. EBITDA in Q4FY19 was at | 9,092 crore with EBITDA margins of 10.5%, up 120 bps QoQ. TML reported...

Consolidated performance for Tata Motors over Q4FY19 surpassed our Change in Estimates | Target | Reco Standalone margins however, stood lower than expected at 7.3%, owing to...

line). However, a decline in D&A; led to an EBIT margin of 3% (above our estimate of 1.8%) and PAT of GBP255m (our estimate: ~GBP104m). S/A higher discounts impact margins: Revenue declined 3.2% YoY to INR185.6b (in-line). EBITDA margin shrank 420bp YoY (-150bp QoQ) to 7.3% (our estimate: 9.2%) due to higher discounts. Higher other income...

10 April 2019 Automobiles JLRs wholesale volumes declined 8% YoY (+41% MoM) to 70.2k units (in-line) in Mar19, including China JV volumes of 4.8k units (-32% YoY). Jaguar volumes declined 0.3% YoY to 21k units (in-line), while Land Rover (LR) volumes were down 10.9% YoY to 49.2k units (in-line). JLRs retail volumes declined 8% YoY in Mar19, led by lower sales in China (- 42.5% YoY) and the US (-8% YoY), partly offset by higher UK (+7.5%) and Europe (+1.1%) sales. Jaguars retail volume declined 0.2% YoY, led by a substantial volumes decline across models, barring E-pace (+32%) and I-Pace. LRs retail volumes declined 11.4% YoY, as growth in Range Rover Velar (+5% YoY) was more than diluted by a decline across other models.

JLR's wholesale volumes declined 13% YoY (+19% MoM) to 49.7k units (v/s est. of 48.3k units), which includes 2.5k units (-51% YoY) from its China JV. Jaguar volumes declined 8% YoY to 14.9k units (v/s est. of 13.8k units),while Land Rover volumes declined 14.5% YoY to 34.8k units (v/s est. 34.5k units).

LR's wholesale volumes declined 16% YoY (-8% MoM) to 41.7k units (est. of 45k units), including the China JV volumes at 2.7k units (-61% YoY) in Jan???19. Jaguar volumes declined 20% YoY to 12.9k units (est. of 14k units),while Land Rover volumes declined 14.2% YoY to 28.8k units (est. of 31k units).

Following this, the company incurred a loss of Rs 1385crore at PBT before forex/EO level vis a vis a profit of Rs 1907 crore in previous corresponding quarter. Following a forex gain of Rs 170 crore vis a vis a gain of Rs 120crore, the company registered a loss of Rs 1214 crore at PBT before EO level vis a vis gain of Rs 2034 crore profit in previous year. The company incurred Rs 28014as EO expense this year vis a vis Rs 4.73 crore in previous year. Following this, at PBT after EO level, loss stood at Rs 1214 crore vis a vis gain of Rs 2033crore in previous year. Following Rs 2405 crore tax credit vis a vis Rs 1067 crore tax provision in previous year, and adjusting for share of profits in JVs, loss stood at Rs 26960 crore vis a vis gain of Rs...

Tata Motors (TML) reported a disappointing Q3FY19 performance At JLR, sensing the current muted demand prospects and profitability challenges, the company undertook a one-time impairment charge to the tune of | 27,838 crore On a standalone basis, net revenues came in at | 16,208 crore (up 0.7% YoY), with volumes at 171,354 units, down 0.5% YoY. EBITDA was at | 1,430 crore with corresponding EBITDA margins at 8.8%. Consequent PAT was at | 618 crore...

reduced to 3-6% (earlier 4-7%). Standalone performance for the company remains on track. We currently factor in ~5.5% volume growth for JLR over FY19-20 and maintain BUY with the target price of Rs207, where we value...