Tata Motors Q3 Results Review — Sharp Stock Correction Yet To Make Risk Reward Favorable, Says Yes Securities

On the positive side, Tata Motors' deleveraging is on track with net auto debt declined to ~Rs 193 billion in 9MFY25 (versus Rs 220 billion in H1 FY25, Rs 160 billion in FY24 and Rs 437 billion in FY23)..NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Yes Securities Report.Tata Motors Ltd.’s Q3 FY25 consolidated results were operationally mixed led by higher-than expected VME at JLR at 4.2% in Q3 FY25 (versus 1.7% YoY, 3.2% in Q1 FY25 and ~4% in Q2 FY25), dragged its Ebitda margins at 14.2% (-200 bp YoY, estimate 15%). This was partially offset by better S/A margins (including PLI) at 13.4% (estimate 13%). On the positive side, deleveraging is on track with net auto debt declined to ~Rs 193 billion in 9MFY25 (versus Rs 220 billion in H1 FY25, Rs 160 billion in FY24 and Rs 437 billion in FY23). While management sounded confident of further volume recovery in Q4 (seasonally strong quarter) and have maintained JLR Ebit guidance of 8.5% (vs ~7.7% in 9M), implying +10% Ebitm in Q4 FY25. This we believe is challenging as its largely hinges on volumes given key margins drivers such as-peak LR contribution,raw material tailwinds andcontrolled VME is now moderating QoQ given demand challenges cropping up in key markets like Europe, UK and China while the US is still strong..Click on the attachment to read the full report:.Ambuja Cement, ACC, Bajaj Finance, Maruti Suzuki, Tata Motors, Star Health & More Q3 Review: HDFC Securities .DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Tata Motors Q3 Results Review — Sharp Stock Correction Yet To Make Risk Reward Favorable, Says Yes Securities

Despite sharp correction recently, the brokerage says wait for better entry point.

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