Click 2 Promotions – Get Updated Info Automobiles to Health

Tata Motors Q2 Results Review


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. 

Prabhudas Lilladher Report

Tata Motors Ltd.’s Q2 FY23 consolidated revenue surprised at Rs 796 billion (up 11% QoQ, our estimate: 762 million) largely led by improved product mix at Jaguar Land Rover.

Though JLR reported merely 5% QoQ growth in wholesales, average selling prices improved 14% on the back of improved supplies of new Range Rover/RR Sport (current production of 2400/week versus 1100/week in June 2022). This also led to ~400 bps QoQ of Ebitdam (10.3%) improvement.

We expect margins to further improve in H2 led by improved realisations and product mix (Defender, RR and RR Sport account for 72% of the order book 205,000 units).

Chip supply issue is now sorted out and management expects volumes more than 160,000 units in H2 (147,000 in H1); supplies should step-up in FY23.

For the passenger vehicle and commercial vehicle business, 70 bps of impact came on Ebitdam from residual high commodity costs – PV/CV Ebitdam contracted 70/50 bps QoQ.

Click on the attachment to read the full report:


This 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.


Source link

Exit mobile version