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Nirmal Bang Report
Tata Motors Ltd. reported consolidated revenue of Rs 784.4 billion, down 11.4%/up 8.6% YoY/QoQ.
Jaguar Land Rover revenue declined by 27% YoY due to lower volume. JLR wholesales were down 38%/11% YoY/QoQ while retails came in flat QoQ mainly due to model changeover of new Range Rover.
Commercial vehicle revenue grew by 29.3% YoY, led by volume growth of ~8%/19% YoY/QoQ.
While Tata Motors took 8% price hike in FY22, the rest of the revenue growth was led by mix improvement. Passenger vehicle revenue was up by 62% YoY, led by strong volume growth of ~47%/25% YoY/QoQ.
Consolidated Ebitda margin stood at 14.7%, down 180 bps/220 bps YoY/QoQ.
However, JLR Ebit margin increased to 2.0% versus 1.4% in Q4 FY21, reflecting higher wholesales, lower variable marketing expenses and warranty, offset by new Range Rover changeover and material costs.
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