Tata Motors Ltd. share price target

Q4FY17 consolidated numbers posted a 4.3% yoy topline decline while at the bottomline the numbers declined by 25.7% yoy at 38 bn on adjusted basis. At the standalone level, operating margins improved qoq to 4.6% as recovery was seen post demonetization which took place in Q3. At JLR, margins improved qoq to 14.5% from 10.8% qoq as GBP appreciation was seen in the quarter and hedge unwinding further progressed thus minimizing the losses coming from unfavorable hedges taken earlier. Also, the launch of Discovery saw a 8% yoy volume jump in JLR number post the phasing out of its old model over the last couple of quarters. All these factors led to earnings growth at JLR to...

ICICI Securities Ltd | Retail Equity Research Tata Motors' (TML) Q3FY17 results came in below our estimates. Consolidated revenues came in at | 67531 crore (down 4.3% YoY, up 2.5% QoQ), above our estimate of | 66696 crore. JLR's net revenue of 6537 million (mn) (up 13% YoY, 9.8% QoQ) was above our estimate of 6167 mn, with the beat attributable to higher than expected volumes. JLR wholesale volumes were at 152245 units (including China JV), up 1.2% YoY, 9.3% QoQ vs. our estimate of...

Revenue grew by 2.63% to Rs. 66855.18 Cr in Q3FY17 when compared to the previous quarter. On the other hand, it decreased by 2.22% when compared with Q3FY16.

Tata Motors (TTMT) 3QFY17 performance was disappointing due to weakness in both JLR as well as domestic business. JLR?s EBITDA margin stood at 9.3%, down 500bps YoY impacted by an adverse product mix and higher discounting (Discovery run-out in US). However, if revenue is adjusted to include forex hedging gains, margins would be ~10.1%.

Forex victimizes JLR, cut down estimates and rating Abysmal quarter with a double whammy coming from both JLR and domestic business Q3FY17 was a quarter when TaMo was subjected to too many moving parts altogether...

ICICI Securities Ltd | Retail Equity Research Tata Motors' (TML) Q2FY17 results were below our estimates. Consolidated revenues came in at | 65900 crore (up 7% YoY), below our estimates of | 66717 crore. JLR's revenues came in at 5953 mn (up 23% YoY, 9% QoQ), almost in line with our estimate of 5959 mn. JLR's wholesale volumes were at 139235 units (including China JV), up 19.3% YoY. Standalone came at | 10,322.5 crore (up 3.5% YoY, flat QoQ), against our estimates of | 10,965 crore. The miss on...

Operating Margin to See Sharp Expansion on weak GBP Impacted by unfavourable foreign currency hedges, new customer acquisition programme in JLR business and decline in M&HCV; volumes, Tata Motors (TML) has reported muted performance in 2QFY17. The Company's consolidated EBITDA margin declined by 110bps yoy to 9.5%. Though we continue to believe that adverse forex would continue to impact TML's performance in the near-term due to its old hedge book, continued weakness in GBP would augur well for JLR's performance on unwinding in its hedges, as JLR generates 80% of its revenue via overseas sales....

Tata Motors 2QFY17 performance was below our expectations due to crack in margins for both JLR as well as the domestic business. Adjusted for one-offs, adverse Fx on payables/hedges and one time provision for new customer quality programs, JLR?s EBITDA margin stood at 12.9% vs exp of 14.4%.

The recent launches of Bolt, Zest and Tiago have led to a good market share win for the company. The management expects prebuying in MHCV segment before the countrywide adoption of BS IV from the next fiscal. The company would launch new versions of Prima LX and hopes to regain the maket share. Similarly the company would launch new versions of Ultra range in the LCV segment and launch of Hexa,Kite 5 and Nexon would propel the passenger car growth in the coming months....

Tata Motors (TTMT) delivered disappointing Q2FY17 performance with deterioration across all the parameters in both the business, primarily due to forex loss on its hedging contracts. Its consolidated Revenues/EBIDTA/PAT grew 7.1%/-3.6%/-10.2% YoY but fell 0.0%/17.6%/56.6% QoQ to Rs 659bn/Rs63bn/Rs82bn (our estimate of Rs 674bn/Rs95bn/Rs31bn) in the quarter. Consolidated EBIDTA margin declined by 106bps YoY and 203 bps QoQ to 9.5%, impacted by poor standalone performance and negative forex impact at JLR.