Tata Motors Ltd. share price target

by volume growth of 6.2% YoY and realization growth of 5% YoY. EBITDA margins expanded 90bp YoY (+390bp QoQ) to 11.8% (v/s est 10.7%) driven by lower fx hedge loss, lower other expenses and operating leverage. Further higher share of China JV PAT, fx gains and lower depreciation boosted adj. PAT growth to 26% to GBP308m (est GBP169m). S/A Better mix and cost reduction propels EBITDA margins: Revenues grew 35% YoY (+53% QoQ) to INR138.9b (est INR130.9b) led by volume and realisation growth of 14% YoY and 18% respectively. EBITDA margin...

Land Rover (LR) volumes were up 9.2% YoY at 40,081 units (est. of 42,208), led by the ramp-up of the all-new Discovery in North America and China, and also RR Velar introduction in the UK and EU. JLR Sep-17 retail volumes increased 6.6% YoY (+69% MoM) to 65,097 units, led by an increase in LR and Jaguar volumes by 7.7% and 3.9%, respectively. Jaguar retail volumes were driven by F-Pace (to ~7.7k units) and XF (volumes up 29.4% YoY). Jaguar XE volumes declined 15.2% YoY. LR's retail volumes increased 7.7% YoY, mainly led by a continued rise in...

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.