Tata Motors Q4 Review - Near-Term Blips To Impact Growth Momentum: Yes Securities

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..Yes Securities Report.Tata Motors Ltd.’s Q4 FY22 were operational beat with consolidated Ebitda higher by ~18% at Rs 87.4 billion as margins expanded ~170 basis points QoQ at 11.1% (estimate: 9%). Segmentally, Jaguar Land Rover results were in-line while standalone exceeded estimates led by better than expected margins at commercial vehicles 5.9% (up 330 bps) and passenger vehicles at 6.9% (up 370 bps QoQ). Several internals surprised positively such as reduction in net auto debt to Rs 487 billion in Q4 and ~40 bps QoQ improvement in variable marketing expenses to 0.9%. Some of these variable may moderate in near-term as Q1 FY23 to see dual impact of ongoing chip shortages compounded by -Russia-Ukraine tension (less than 2.5% of sales) andrecent China lockdowns impacting both sales and component supplies. However, strong order backlog at ~168,000 units (versus ~155,000 in Q3 at JLR) and cost control to help partially dilute the impact..Click on the attachment to read the full report:.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 Q4 Review - Near-Term Blips To Impact Growth Momentum: Yes Securities

Tata Motors Q4 Review - Near-Term Blips To Impact Growth Momentum: Yes Securities

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