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Tata Motors Q4 Review - Mixed Bag; JLR Miss Due To Mix; India Beat In CVs, PVs: Motilal Oswal

Tata Motors Q4 Review - Mixed Bag; JLR Miss Due To Mix; India Beat In CVs, PVs: Motilal Oswal

<div class="paragraphs"><p>Tata Motors logos are pictured outside their flagship showroom in Mumbai. (Photo: Vivek Prakash/ Source: Reuters)</p></div>
Tata Motors logos are pictured outside their flagship showroom in Mumbai. (Photo: Vivek Prakash/ Source: Reuters)

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Motilal Oswal Report

Tata Motors Ltd.’s Q4 FY22 performance was a mixed bag. Jaguar Land Rover mix deteriorated due to a runout of the old Range Rover, whereas the recovery in India businesses was strong.

While demand for JLR remains strong, there are near-term pressures due to Covid-related lockdown in China and run out of the Range Rover Sport.

Tata Motors' India business should benefit from a continued demand recovery in commercial vehicles and production ramp-up in passenger vehicles.

We cut our FY23/FY24 consolidated earnings per share estimate by 12% each to account for:

  1. a volume cut in JLR due to the lockdown in China and slower improvement in semiconductor supplies,

  2. cost inflation, and

  3. translation impact of the appreciation in the Indian rupee against the British pound sterling on JLR consolidation.

Click on the attachment to read the full report:

Motilal Oswal Tata Motors Q4FY22 Result Update.pdf

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