Tata Motors Ltd. share price target

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.

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