Tata Motors Ltd. share price target

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...

Tata Motors (TTMT) is expected to witness better traction from North America and Europe with ongoing healthy volume growth supported by new launches at regular interval. We believe it would partially compensate for slowdown in other markets like China and Asia.

Operating results below estimates: Tata Motors 2QFY2016 results have come in below our estimates on the operating front. Consolidated revenues grew marginally by 1% yoy to Rs61,318cr (coming slightly ahead of our estimates of Rs57,484cr). Growth was subdued, mainly due to flattish top-line at JLR. JLRs volumes grew a healthy 12% yoy during the quarter but an adverse product (higher sales of relatively lower priced cars in the companys product portfolio) and regional mix (lower China sales) led to lower realization, thus dragging the top-line. The consolidated operating margin at 11.2% was below our estimate of 13.4%. JLRs EBIDTA margin at 12.2% was significantly below our estimate of 15%. JLRs margins were impacted by lower China sales, adverse product mix and higher launch expenses. During the quarter, Tata Motors reported a loss at the net level due to a one-off charge of Rs2,493cr related to damage caused by fire explosions caused at the China port location, which affected JLR vehicles. However, Tata Motors had a tax credit to the tune of Rs704cr which resulted in the Adj profit coming in at Rs2,223cr for the quarter (better than our estimate of Rs2,041cr). Outlook and valuation: JLRs volumes are likely to recover...