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Motilal Oswal Report
Tata Motors Ltd.'s Q2 FY24 results significantly beat our estimates as consolidated Ebitea/profit after tax came in at Rs 137.2 billion/Rs 38.6 billion (our estimate: Rs 130.2 billion/ Rs 28.9 billion).
Tata Motors' Q2 performance was driven by better-than-expect PAT in Jaguar ALand Rover/passenger vehicle businesses. Its commercial vehicle business was in line. Consoldated net debt (auto) declined further by Rs 30 billion QoQ to Rs 387 billion.
We upgrade our FY24E/FY25E consolidated earnings per share by 6%/3.5% to factor in higher-than-estimated capitalization of research and development at JLR, partially offset by volume/margin cuts in both CV/PV businesses. Reiterate 'Buy' with a December 2025E SOTP-based target price of Rs 750.
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