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Q4FY23 Preview: Tata Motors: Revenue seen at Rs. 1,061,960 million, PAT at Rs. 44,619 million

10 May 2023 , 10:11 AM

Result date: 12th May, 2023

Recommendation: Buy

Target price: Rs. 540

Tata Motors is likely to put up a robust performance in the March 2023 quarter. Analysts at IIFL Capital Services expect its consolidated revenues to grow 35% over the year ago quarter and 20% sequentially. JLR volumes (ex-China JV) grew 24% over the year-ago quarter and 19% sequentially. Product mix stood strong with share of “RR + RR Sport and Defender” flattish sequentially at 64%. The company’s standalone volumes grew 3% over the year-ago quarter and 10% sequentially.

Operating leverage and lower discounts in trucks are key margin tailwinds while fall in China’s share sequentially, from 14.6% to 12.7% is a prominent margin headwind. Tata Motors’ consolidated EBITDA margin could grow 174 basis points over the year-ago quarter and 199 basis points sequentially.

The company’s consolidated Profit After Tax (PAT) could jump significantly during the quarter, partly due to a low base and partly reflecting the strength witnessed in revenue and margins.

Important management insights to watch out for:

  • Demand trends across markets, product segments
  • Outlook on input cost inflation, pricing action, margins
 

March 2023 estimates

YoY change

QoQ change

Revenue (Rs. Million)

1,061,960

35.4%

20.0%

EBITDA (Rs. Million)

136,872

56.6%

41.9%

EBITDA Margin (%)

12.9%

174 bps

199 bps

Profit After Tax (Rs. Million)

44,619

3092.7%

150.5%

Source: IIFL Research

Related Tags

  • JLR
  • Tata Motors
  • Tata Motors Q4
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