Tata Motors JLR, Turning The Corner: Motilal Oswal

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Motilal Oswal Report

Improving chip supplies globally, along with a very strong order book, should bode well for Tata Motors Ltd.'s owned Jaguar Land Rover.

This would be supplemented by a substantially favorable mix in favor of its three most profitable products (74% of order book), as well as a favorable mix and operating leverage benefit.

In turn, improving supplies would further aid the release of working capital and enable substantial net debt reduction by FY25E (to less than £1 billion from £3.85 billion in Dec-22).

A strong recovery in JLR, sustained resurgence of the India business, and a possible monetisation of its stake in Tata Technologies (possible of Rs 25-47/share for Tata Motors) are the key catalysts for the stock over next 12 months.

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Motilal Oswal Tata Motors Company Update.pdf

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