Tata Motors Ltd. share price target

Tata Motors' (TML) Q1FY18 results came in below estimates on the operational front. Consolidated revenues came in at | 58651 crore (down 9.9% YoY), above our estimates of | 57049.8 crore. Reported consolidated EBITDA margins were at 11% (our estimate: 11.1%) vs. 12.9% in Q1FY17. The company reported a consolidated PAT of | 3200 crore (our estimate: | 4261.4 crore) JLR's net revenue of 5.6 billion (bn) (up 10.2% YoY, 11.2% QoQ) came in line with our estimate. JLR wholesale volumes were at...

Tata Motors' first quarter earnings missed analysts' expectations on all parameters. One-time gain related to JLR pension plan boosted profitability but excluding that one-off item, it would have been in a loss at PBT before forex gain/loss level. Consolidated profit grew sharply by 42% to Rs 3,200 crore for first quarter ended June 2017, driven by one-time gain of Rs 3,609 crore relating to recent changes designed to improve the sustainability of JLR's defined benefit pension plans. Revenue on consolidated basis declined 10% to Rs 58,493 crore due to translation impact from British pound to rupee. The company incurred a loss of Rs 515 crore at PBT before forex/EO level vis a vis a gain of Rs...

JLRs EBITDA margin at 7.9% was a sharp >400 bps miss, impacted by: (1) higher hedging losses (GBP 454 mn vs. estimate of GBP 300 mn), (2) higher Variable Marketing Expense (VME) and (3) operating deleverage given subdued volumes. Of the 3 factors, we are most worried about high VME despite no major

We cut our FY18/FY19 estimates and introduce FY20 estimates. We maintain BUY with a revised SOTP-based TP of Rs 516 Tata Motors (TTMT) 1QFY18 performance was a miss on account of lower JLR margins (7.9%), led by lower volumes, higher costs associated with launches and rise in staff costs. Standalone margins also were below estimates, owing to an inferior product mix and GST transition-related costs.

ICICI Securities Ltd | Retail Equity Research Tata Motors' (TML) Q4FY17 results came in above our estimates. Consolidated revenues came in at | 77217 crore (down 2.9% YoY, up 14.3% QoQ). Net revenue of 7268 mn (up 10.2% YoY, 11.2% QoQ) came in above our estimates, with the beat attributable to higher than estimated volumes. JLR wholesale volumes were at 175000 units (including China JV), up 7.7% YoY, 14.9% QoQ against our estimate of 144,736 units. Standalone revenues were at | 13586.7...

JLR's EBITDA margin at 14.5% positively surprised partly as hedging losses eased (GBP 315 mn vs. GBP 455 mn QoQ) and was on-par with the underlying operating exchange (overall net gain of GBP 10 mn).

Revenue increased by 20.78% to Rs. 77217.19 Cr in Q4FY17 when compared to the previous quarter.

Tata Motors (TTMT) 4QFY17 performance was a solid beat, with higher-than-expected EBITDA margin of 14.5% at JLR, as hedging losses eased (GBP 315mn vs GBP 455mn QoQ). The India business recorded better performance, with an EBITDA margin of 6%, (vs 4.8% est) driven by lower BS-3 discounts and price hike of 3% in Jan-17.

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...