Motilal Oswal's research report on Tata Motors
Wholesale volumes (ex-China JV) grew 24% YoY/19% QoQ to 94.6k units (v/s est. 84.5k units). FY23 wholesales grew 9% YoY to 321.3k units. Land Rover (LR) volumes improved 34% YoY/22% QoQ to 84.9k units, while Jaguar volumes declined 27% YoY/3% QoQ to 9.7k units. These numbers exclude China JV. Range Rover (RR) and RR Sport production volumes continued to increase, with wholesale volume of 32,950 units in 4QFY23 (v/s 28k in 3Q). Defender wholesale volumes increased to 27,513 units (v/s 23,816 in 3Q) as JLR continued to operate a third shift at the Nitra plant.
Outlook
The stock trades at 16.9x/13.7x FY24E/FY25E consol. EPS, and 4x/3.4x FY24E/FY25E consol. EV/EBITDA. We have a Buy rating with a TP of INR525 (Mar’25 SOTP).
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