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Dolat Capital Report
Tata Motors Ltd. printed a strong number in Q2 led by reduction in losses in domestic electric vehicle business, expansion in Ebitda margin in both passenger vehicles and commercial vehicle and reduction in net automotive debt.
Jaguar Land Rover's Ebitda margin remained strong at 14.9 % led by commodity tailwind, strong model mix, and operating leverage benefit. CVs and PVs margin improved to 10.4/6.5% respectively.
JLR volume grew 4% QoQ and 29% YoY to 96,810 units. Management is confident in H2 FY24 would be better than H1 FY24. Expect Ebit margin to improve to around 8% for FY24 compared to prior guidance of 6%+.
We expect Tata Motors' PVs business (JLR and India PVs) to continue to be on a strong growth trajectory led by a strong order backlog. India CV business to improve QoQ basis led by market share gain in medium and heavy commerical vehicle segment.
We maintain 'Buy' with SOTP based target price Rs 781.
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