Tata Motors Q3 Results Review - Strong Margin Performance To Continue: Prabhudas Lilladher

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..Prabhudas Lilladher Report.Tata Motors Ltd.’s consolidated revenue was largely in-line with our and consensus estimates, however, Ebitda margin at 13.9% beat our estimate and Bloomberg easily. Jaguar Land Rover sees Q4 performance to be strong on seasonality basis and has guided for Ebit of more than 8% in FY24. Its average selling price decline paused in Q3, after falling for three successive quarters, due to better mix. Conversely, benefits from volume ramp-up aided by good order book and rich mix of higher ASP models within that should support ASP and margins at higher levels. Lower commercial vehicle discounts helped margins in Q3; we see CV margins continuing to expand in Q4. Tata Motors noted slowed demand for PV and CV in FY25 on high base and general election period among other factors. We maintain our positive stance on the company given-JLR’s volume ramp-up resulting in strong revenue, profitability and free cash flow,India CV benefitting from underlying economic strength, benign input costs and lower discounts andfocus on market share in PV segment (14.6% in Q3 FY24 versus 8% in FY21) led by model launches and rising EV penetration. We increase our FY24/25/26E Ebitda estimates by 2%-6%, to factor in Tatat Motors’ Q3 FY24 margin and PAT performance. Retain ‘Buy’ with SoTP based target price of Rs 1,010 (earlier Rs 900)..Click on the attachment to read the full report:.Tata Motors Q3 Results Review - Strong Beat Driven By Healthy Growth Across Businesses: Motilal Oswal.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 - Strong Margin Performance To Continue: Prabhudas Lilladher

Tata Motors noted slowed demand for PV and CV in FY25 on high base and general election period among other factors.

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