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Reliance Securities Report
Tata Motors Ltd. has recorded better-than-expected performance with Ebitda margin coming in at 11.1% versus our estimate of 10.7% in Q4 FY22.
Consolidated revenue de-grew by 12% YoY to Rs 784 billion, versus our estimate of Rs 830 billion, due to lower realisation at Jaguar Land Rover.
Consolidated Ebitda de-grew by 32% YoY to Rs 87.2 billion. Ebitda margin contracted by 325 basis points YoY to 11.1%.
JLR’s Ebitda margin of 12.6% was 10 bps higher than our estimates of 12.5%, while its commercial vehicle Ebitda margins stood at 5.9% and passenger vehicle margins stood at 6.9%.
We expect near term challenges for JLR as well as domestic business to continue due to semiconductor shortage, higher commodity inflation, global supply chain disruption due to ongoing geopolitical issue and demand moderation.
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