Tata Motors Ltd. share price target

Tata Motors (TML) has reported strong numbers in 4Q owing to stellar performance in JLR business, which posted 16.2% adj EBIDTA margin (v/s our est of 14.1%) due to healthy growth in ASPs. In 4Q, the ASPs in JLR business grew by 4.7% qoq led by favorable product-mix. Further, Chery JV contributed 49 mn to JLR's bottom-line. TML's standalone business posted EBIDTA margin of 7.1% v/s 1.5%...

Land Rover volumes declined by ~6.3% YoY to 31,745 units (v/s est. 43,000 units), due to product fatigue for RR, RR Sport and Evoque. Retail sales of the above 3 were down 9% in April 2016. There is also an impact of ~1.5k units...

We recently met TTMT's management and also spoke to one of JLR's largest dealers in China.AfteradullFY16,Chinawillstrapintothedriver'sseatoncemorewithnewmodel launchesandthelowbasehelpingstronggrowth.Developedmarketswillseehigherthan...

Jaguar's retail volumes were up by 62% YoY, led by XE which did volumes of 6,521 units and F-Type grew by ~17%. Land Rover's retail volumes were up 22.5% YoY, with growth driven by...

Commenting on the retail performance Andy Goss, JLR Group Sales Operations Director said: We started the year with a record January and have followed this up with another historic month of sales, thanks in large part to the performance of the UK...

ICICI Securities Ltd | Retail Equity Research Tata Motors' (TML) Q3FY16 results were above our estimates. Consolidated revenues were at | 72,256 crore (up 3.3% YoY, 17.8%...

JLRs 3QFY16 EBITDA margin improved 220bps QoQ to 14.4%. EBITDA at GBP 834 was below estimates largely due to a miss on the revenue front.

New launches at domestic business as well as JLR to drive growth JLR margins in line, standalone numbers show improvement In Q3FY16, consolidated numbers had a miss on EBITDA levels which declined by...

Tata Motors (TML) reported operating performance was in line with our estimates. While revenue (Rs722.6bn) was mere 0.5% above our estimate, the reported EBITDA (Rs93.8bn) was 1.5% above our estimate. Though EBITDA margin contracted by 140bps yoy to 13.0%, it came close to our expectations of 12.8%. Key highlights (1) standalone business reported positive EBITDA margin (4.6%), (2) China JV contributed PAT of GBP22mn to JLR and (3) JLR reported yoy decline in ASPs due to rising variable costs. Post correction, we recommend BUY on the stock with SOTP based Target Price of Rs349....

We recently met TTMT's management and also spoke to one of JLR's largest dealers in China.Herearethekeytakeaways(1)volumeoutlookcontinuestobepositivewithnew launches driving growth. TTMT will surpass our FY16 volume assumptions of 496,000...