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ICICI Securities Report
Tata Motors Ltd.'s reported strong retails in Q1 (124,000 units/up 68% YoY) even as chip shortages caused ~30,000 units production hit.
Thus management expects (as guided post Q4 results) Q1 to witness cash outflow (~£1 billion), negative Ebit.
However, the negative surprise to consensus was for Q2, which is now likely to witness further impact due to chip shortages, production is expected to normalise from H2 FY22 onwards.
Wholesales in Q2 are likely to be lower (~50%) vis-a-vis planned production with cash outflow and Ebit to be similar to Q1.
On the contrary demand remains robust, Jaguar Land Rover order book is at historic high (~110,000 units), reflecting three months of sales (four/five months in U.K./Europe respectively).
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