Tata Motors Q1 Results Review - JLR At Full Throttle: Dolat Capital

"BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Tata Motors Ltd. printed a stellar number in Q1 led by a strong show at Jaguar Land Rover. JLR's Ebitda margin stood at 16.3 % (+170 basis points QoQ) led by commodity tailwind, strong model mix, and operating leverage benefit. Commercial vehicles and passenger vehicles margin stood at 9.4/5.3% respectively.JLR - Q2 production to be lower than Q1 as two-week holiday would impact production and cash flow but wholesale volume and profitability remain same as in recent quarters. Management is confident to achieve volume guidance of 400,000 units for FY24 in the light of a strong underlying demand and strong order backlog. We expect PVs business (JLR and India PVs) continue to be on strong growth trajectory led by strong order backlog and low inventory at dealer level. India CV business to improve QoQ basis with ramp up in production. We increase JLR Ebitda estimate by 16/13% for FY24/25E factoring in improvement in margin. In light of increasing earning visibility we believe JLR deserves a rerating hence we increase our one year forward enterprise value/ Ebitda multiple from three times to 3.5 times and consequently increase our SOTP based target price from Rs 611 to 753..Click on the attachment to read the full report:.Tata Motors Q1 Results Review - Strong Performance, Ripe For Guidance Upgrade: Prabhudas Lilladher.DISCLAIMERThis report is authored by an external party. BQ Prime 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 BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Tata Motors Q1 Results Review - JLR At Full Throttle: Dolat Capital

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