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ICICI Securities Report
Despite limited wholesale volume of ~69,000 (up ~10% QoQ) units led by chip shortage, Tata Motors Ltd.'s Jaguar Land Rover managed Q3 FY22 pretty well to focus on higher margin models like Range Rover (39% mix, up 900 basis points QoQ) to deliver ~300 bps QoQ better Ebitda margin at 12%.
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Thus, with limited capex (£~0.5 billion) and improved profitability, JLR was able to generate positive free cash flow of £164 million and in turn help Tata Motors reduce net auto debt by Rs 40 billion QoQ to Rs 600 billion.
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With production improving, we expect mix to normalise, resulting in rationalisation in realisation and gross margin.
Also, with better production, we expect scope for reversal in JLR working capital by ~£1.4 billion across FY23E.
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