BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tata Motors Ltd.'s Q3 FY22 performance was a mixed bag. Jaguar Land Rover optimised its mix in a supply constrained environment, whereas commodity cost impacted India operations.
While demand for JLR remains strong, the improvement in supplies is slower than our expectations. The India business should benefit from a continued demand recovery and stability in commodity costs.
We cut our FY23E earnings per share estimate of Tata Motors by 10% to account for a loss in sales due to the ongoing semiconductor shortage (in both JLR and India passenger vehicles) as well as higher competitive intensity in the commercial vehicle business.
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