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Motilal Oswal Report
Tata Motors Ltd.'s Q2 FY22 performance was heavily impacted by the semiconductor shortage in Jaguar Land Rover and India.
Operating performance beat in JLR was driven by a favorable mix and lower fixed cost.
India commercial vehicle business missed our estimates due to commodity cost pressures. We expect a strong recovery/traction in JLR/India businesses from Q3 FY22E onwards.
We have lowered our FY22E/FY23E earnings per share estimate of Tata Motors to account for the lost sales due to the ongoing semiconductor shortage as well as higher competitive intensity in the commercial vehicle business.
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