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Motilal Oswal Report
Wholesale volumes for Tata Motors Ltd.'s wholly-owned subsidiary Jaguar-Land Rover fell 15% YoY and 7% QoQ to 82,600 units (our estimate- 79,400 units) in Q1 FY23.
Volumes (excluding Chery Jaguar Land Rover) declined by 15% YoY and 6% QoQ.
While Q1 FY23 wholesale volumes are slightly better than our estimate, the product mix seems to be much better, diluting the impact of operating deleverage.
Against our Ebitda/net loss estimate of £513 million/£74 million, based on actual volumes, we estimate an Ebitda/net loss of £562 million/ £34 million.
Accordingly, our Q1 FY23 consolidated profit after tax estimate changes to a net loss of Rs 12.9 billion (from our earlier net loss estimate of Rs 17.7 billion).
Retail sales were flat QoQ, but down 37% YoY at 78,800 units due to phaseout of Range Rover Sport and the Covid-19 lockdowns in China.
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