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Motilal Oswal Report
Tata Motors Ltd.'s Q3 FY23 operating performance was a beat, driven by strong mix benefits for Jaguar Land Rover and lower discounts in the India commercial vehicle business.
JLR is seeing strong demand for Range Rover/Range Rover Sport/Defender (74% of order book), which augurs well for FY24 performance as supply has gradually improved.
India CV should continue to benefit from good demand and focus on the demand pull strategy.
We upgrade our consolidated earnings per share estimates for FY23 (reduction in losses) and FY24 (by 19%) to account for a strong mix at JLR and better margin in the India CV business due to lower discounts.
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