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Yes Securities Report
Tata Motors Ltd.'s Q3 FY22 result was operationally in‐line with consolidated Ebitda at Rs 67.6 billion (up 67% QoQ) wherein margins expanded ~280 basis points QoQ to 9.4%.
Segmentally, Jaguar Land Rover results were in‐ line while miss at standalone was led by raw material under recoveries at commercial vehicles and restructuring cost at passenger vehicle division.
Several internals surprised positively such as reduction in net auto debt-to Rs 604 billion (versus Rs 644 billion in Q2 FY22), JLR Ebit margins at up 1.4%, refocus program savings target raised to £1.4 billion.
Most of these levers are expected to further improve over mid‐term as chip shortage challenges continue to ease out QoQ, leading to better utilisation and margins expansion of Tata Motors in Q4 FY22 and FY23.
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