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Tata Motors (Q4 FY13)

OPM for standalone business at 2% was much lower than our expectation mainly on adverse product mix

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs. 304, Target Rs. 320, Upside 5.3%

  • Consolidated net sales grew by only 10% yoy as 32.5% yoy fall in standalone sales was more than offset by 21.9% yoy jump in JLR sales and 6% depreciation in INR against GBP
  • Growth in JLR revenues was driven by 18.7% rise in volumes and 2.7% increase in realizations
  • JLR OPM was at 16.9% much ahead of ours and street estimates, a surge of 234bps yoy; the gains were driven by favorable currency movements and better product mix
  • OPM for standalone business at 2% was much lower than our expectation mainly on adverse product mix
  • Company has planned 8 launches for JLR in FY14 and a revision of domestic passenger car portfolio
  • Maintain Market Performer rating with a 9-month price target of Rs. 320
Result table (Consolidated)

 ( Rs.  m) Q4 FY13 Q4 FY12 % yoy Q3 FY13 % qoq

 Net sales 560,016 509,079 10.0 460,895 21.5

 Material costs (320,902) (304,895) 5.3 (269,658) 19.0

 Purchases (30,889) (29,097) 6.2 (27,055) 14.2

 Personnel costs (44,224) (36,332) 21.7 (43,529) 1.6

 Other overheads (80,707) (66,965) 20.5 (59,214) 36.3

 Operating profit 83,294 71,791 16.0 61,438 35.6

 OPM (%) 14.9 14.1 77 bps 13.3 154 bps

 Depreciation (23,391) (15,354) 52.3 (20,700) 13.0

 Product development (5,279) (4,346) 21.5 (4,865) 8.5

 Interest (9,670) (7,721) 25.2 (9,346) 3.5

 Other income 1,775 1,586 11.9 1,886 (5.9)
PBT 46,729 45,956 1.7 28,414 64.5
Tax (8,827) 18,261 - (10,318) (14.5)
Effective tax rate (%) 18.9 (39.7)
36.3
Other provisions 1,338 (164) - (85) -
Adjusted PAT 39,240 64,052 (38.7) 18,010 117.9
Adj. PAT margin (%) 7.0 12.6 (558) bps 3.9 310 bps
Extra ordinary items 215 (1,713) - (1,735) -
Reported PAT 39,455 62,340 (36.7) 16,275 142.4
Ann. EPS ( Rs. ) 49.5 78.6 (37.0) 20.4 142.4





Source: Company, India Infoline Research

Cost analysis (Consolidated)
As a % of net sales Q4 FY13 Q4 FY12 bps yoy Q3 FY13 bps qoq
Material costs 57.3 59.9 (259) 58.5 (121)
Purchases 5.5 5.7 (20) 5.9 (35)
Personnel Costs 7.9 7.1 76 9.4 (155)
Other overheads 14.4 13.2 126 12.8 156
Total costs 85.1 85.9 (77) 86.7 (154)
Source: Company, India Infoline Research

JLR results table
(in £ mn) Q4 FY13 Q4 FY12 yoy (%) Q3 FY13 qoq (%)
Jaguar wholesale volumes 21,163 14,118 49.9 15,043 40.7
Land Rover wholesale volumes 95,177 83,903 13.4 79,785 19.3
Total wholesale volumes 116,340 98,021 18.7 94,828 22.7
Realization (£/vehicle) 43,433 42,277 2.7 40,115 8.3
Net Sales 5,053 4,144 21.9 3,804 32.8
Expenses (4,197) (3,539) 18.6 (3,271) 28.3
Operating profit 856 605 41.5 533 60.6
OPM (%) 16.9 14.6 234bps 14.0 293
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