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ICICI Securities Report
Tata Motors Ltd.'s Q2 FY22 operational performance was in line with consensus estimates as consolidated Ebitda margin came in at 6.6% (down 399 basis points YoY).
Lower production impacted Jaguar Land Rover (margins:7.3%/down 374 bps YoY) while domestic business margins remained resilient {passenger vehicle (5.2%) / commercial vehicle (3.1%)}.
JLR cash outflow (~£664 million) was lower than earlier expectations (~£1 billion), largely led by working capital (~£501 million). Cash breakeven (at JLR) has been further reduced to ~85,000 units (earlier: 90,000).
Tata Motors, a market leader in domestic commercial vehicle business, would benefit from the segment's multi-year growth story (expect more than 30% compound annual growth rate for industry over FY21-FY24E).
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