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Tata Motors (Q3 FY10) – BUY (Target Price Rs836, Upside 17.6%)
India Infoline Research Team / 17:11 , Mar 02, 2010

CMP Rs711, Target Price Rs836, Upside 17.6%

  • Consolidated net sales rose 24.4% qoq driven primarily by 34.2% qoq jump in Land Rover volumes and better realizations

  • JLR turns around and reports a net profit  of £55mn (Rs4,150mn) vis-à-vis a net loss of £60mn in Q2 FY10

  • Inventory days for JLR improved from 97 days in September 2009 to 79 days in December 2009

  • With impending launch of new Jaguar XJ in Q4 FY10, management expects Jaguar volumes to witness strong growth

  • Substantial improvement in leverage position following fund raising through GDR issue and debt repayment

  • Upgrade from Market performer to BUY on back of above estimated performance of JLR

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