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Prabhudas Lilladher Report
Tata Motors Ltd.'s Q4 FY21 results were operationally in-line, both for Jaguar Land Rover and standalone.
However, adjusted for one-offs, profit after tax came in lower at Rs 27.5 billion (our estimate: Rs 35.5 billion).
Standalone performance continues to improve led by 110 basis point QoQ expansion in passenger vehicle/commercial vehicle margins each at 4.9%/9.1%.
Yet, JLR's margin contracted by 50 basis point QoQ to 15.3% led by lower average selling prices at £53.3k/unit (versus 58.3k/unit in Q3 FY21).
China joint venture continues to report loss at £19 million (versus £40 million in Q4 FY20).
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