Tata Motors Ltd. share price target

Wholesales stood at 84,442 units (excluding China JV), up 72.6% YoY. However, this was ~30,000 units lower (~27%) than what otherwise would have been planned as a result of semiconductor supply constraints and the impact of COVID-19, although this reduction had been broadly anticipated. Based on recent inputs from suppliers, the chip supply shortages in 2Q are expected to be greater than that in 1QFY22, potentially resulting in ~50% lower wholesale volumes than planned. It expects the situation to start to improve in 2HFY22. Hence, it expects a negative FCF of ~GBP1b, with a...

Project Charge+ delivers margins, drives debt reduction Jaguar Land Rover (JLR)'s FY21 Annual Report focuses on the company's next phase of growth. The company has outlined its strategy for the transformation to electric...

Tata Motors is India's largest commercial vehicle company and fourth-largest PV player.

Volume and demand is set to pick as the economy is expected to revive its Pre-COVID growth level post lockdown. Additionally, deleveraging, cash flow generation and improving margin provides support over the medium-term. Hence, we reiterate our BUY rating on the stock with a...

Project Charge+ delivered on the outlined 6 billion cast, cost savings as per schedule while similar India programme overperformed by | 3,300 crore. Under Reimagine', Project Refocus seeks to deliver value of up to 1 billion across business areas in FY22E. At JLR, focus on efficiencies (cash flow breakeven reduced to ~FY14 levels), quality of sales (via lower variable marketing expenses and warranty costs) and better product mix (in favour of Land Rover) are seen leading a structural shift in margins towards a higher plane. The company is also targeting tighter control over fixed costs in India,...

TTMT's performance in 4QFY21 was a mixed bag as the overall operating performance was in line. JLR's performance was restricted by an adverse mix, despite a sharp beat in volumes. In a seasonally strong quarter, consolidated net debt fell ~INR73b YoY (down INR138b QoQ) to INR409b. 1QFY22 would be challenging for both businesses, though the outlook beyond that is positive....

sustainability, and new automotive technologies to deliver a strong market performance, which shall create long-term shareholder value. Thierry Bollore, Chief Executive Officer, Jaguar Land Rover said, Despite the pandemic, this year has also seen significant positive change culminating in February with the launch of our Reimagine strategy focused on reimagining our iconic British brands. Although it is still early days, we have made significant progress in implementing it. Jaguar Land Rover is well placed to emerge from the pandemic as a stronger and more resilient company that is able to navigate and capitalise on the opportunities ahead....

TTMT's 4QFY21 results were operationally in-line, both for JLR and S/A. However, adjusted for one-offs, PAT came in lower at Rs27.5b (PLe Rs35.5b). S/A performance continues to improve led by 110bp QoQ expansion in PV/CV margins each at 4.9%/9.1%. Yet, JLR margins contracted by 50bp QoQ to 15.3% led by lower ASPs at GBP53.3k/unit (v/s 58.3k/unit in 3QFY21). China...

Tata Motors (TTMT) hosted an Investors Day for the JLR business (Link for Change in Estimates | Target | Reco as 1) positive cash-flow from FY23 (v/s FY22 targeted earlier due to one-time...