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Q3FY24 Preview: Tata Motors: Revenue seen at ₹1,091,974 Million, PAT at ₹52,501 Million

31 Jan 2024 , 02:39 PM

Result date: February 2, 2024

Recommendation: Buy

Target price: ₹830

Tata Motors witnessed 3% year-on-year growth in standalone sales volumes during the December quarter. This metric declined 3% sequentially. JLR (Jaguar Land Rover)’s sales volume (excluding China joint venture) grew 27% over the year ago quarter and 4% sequentially. The company’s consolidated revenue could grow 23% on a year-on-year basis and 4% sequentially, amid higher net pricing in domestic markets and higher sales mix of “RR+RR Sport”.

Analysts at IIFL Capital Services believe consolidated EBITDA margin of Tata Motors could improve both relative to the year-ago quarter and sequentially. Lower input costs, operating leverage are key margin tailwinds while falling revenue share of CVs (sequentially) and rise in variable marketing spends at JLR are key margin headwinds.

The company’s consolidated Profit After Tax or PAT could surge 195% over the year-ago quarter and 37% sequentially, believe analysts at IIFL Capital Services.

Important management insights to watch out for:

  • Demand trends across segments, markets
  • Outlook on pricing, margins
₹ Million

December 2023 estimates

YoY change

QoQ change

Revenue

1,091,974

23.4%

3.9%

EBITDA

150,581

56.2%

9.7%

EBITDA margin

13.8%

289 bps

74 bps

Profit After Tax

52,501

194.8%

36.6%

Source: IIFL Research

Related Tags

  • JLR
  • JLR Q3
  • Tata Motors
  • Tata Motors Q3
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