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Prabhudas Lilladher Report
Tata Motors Ltd.’s consolidated Ebitda margin at 14.6% (up 210 basis points QoQ) surprised positively, led by cost controls. Though chip supply at Jaguar Land Rover improved QoQ, there still remain certain constraints led by lockdowns in China.
Q1 FY23 is expected to witness pressure led by chip shortage, inflation burden and Range Rover changeover. However, over FY23 new products (Range Rover deliveries from Q2 FY23), demand momentum (as lockdowns in China moderate) and price pass-ons (as commodity prices to remain elevated) will improve profitability, in our view.
JLR’s order book stands at record 168,000 units (46,000 for New Range Rover).
For standalone operations, Tata Motors has been able to gain market share across segments; passenger vehicle market share at 12% versus 8% in FY21, commercial vehicle at 45% and electric vehicle at ~87%.
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