Tata Motors Ltd. share price target

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.

Weak set of numbers as Brexit continues to impact, maintain BUY on long term Disappointing quarter as JLR margins get hurt on unfavorable hedges In Q2FY17, consolidated numbers posted a 6.7% yoy topline growth while at the bottomline there was a profit of 8.48 bn v/s loss of 17.4 bn in Q2 FY16. However, on...

JLR Sep-16 wholesale volumes grew ~3.6% YoY (+25% MoM) to 52,914 units (estimate: 52,000 units), driven by F-Pace and XE. Jaguar volumes grew ~97% YoY to 16,211 units (estimate: 14,000 units), driven...