Fundamental Result Update

Tata Motors



Tata Motors delivered disappointing set of numbers in Q2FY17 with profit before tax for the quarter at Rs 599 crores, against Rs 3414 crores for the corresponding quarter last year. In jaguar Land Rover business – Strong retail sales, up 8.5% y-o-y on continued strong demand for the product, revenue up 13.1% y-o-y. Lower wholesale volumes and relatively weaker product mix in Jaguar Land Rover business; overall higher marketing expenses are partially offset by credit relating to the recovery because of explosion at the port of Tianjin (China). Total Retail sales including the china JV in the third quarter were 149,288 units, up 8.5% on strong demand for products, primarily reflecting higher volumes in China, North America and Europe led by strong sales of discovery spot, F-PACE and the new long wheel base XFL in China. Jaguar Land Rover wholesales and retails excluding china JV for the quarter were 130,910 units and 129,893 units, respectively. China JV wholesales and retails for the quarter were 21,335 units and 19,395 units, respectively.

Valuation: Our fair value for Tata Motors based on SOTP is coming at Rs 453 per share. We have NEUTRAL rating on this stock.

 


Tags: FundamentalResult Update


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