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Result Update: Tata Motors - BUY - TP Rs.514 - Kotak

Posted On: 2017-08-10 21:03:00

TAMO reported weak financial performance in 1QFY18. Adjusted for extraordinary income, performance was below expectation. Loss in the standalone business and significantly weak operating performance for JLR led to consolidated EBITDA declining by 45% YoY. 1QFY18 was impacted on various counts - of which some will sustain in the near term. In the standalone business, MHCV demand is expected to improve but we expect the company to continue reporting losses in the coming quarters - though the quantum of losses is expected to come. At JLR, revenues and EBITDA are expected to improve from 1QFY18 levels. On the positive note, JLR's absolute profit will benefit from increased volumes. However, margin pressure is expected to continue over the next two quarters impacting consolidated performance. Hedge losses are expected to come down meaningfully from 4QFY18. At the consolidated level, we expect performance to witness gradual improvement over the next three quarters of FY18. Assuming GBP rate to remain at current level, forex related hedging loss is expected to come down significantly and drive overall margin expansion in FY19. Given weak 1QFY18 performance, we lower our FY18/FY19 estimates. We retain BUY with revised target price to Rs514 (earlier Rs539).

Shares of TATA MOTORS LTD. was last trading in BSE at Rs.380.9 as compared to the previous close of Rs. 416.75. The total number of shares traded during the day was 2401602 in over 33632 trades.

The stock hit an intraday high of Rs. 404 and intraday low of 376. The net turnover during the day was Rs. 931036293.

Source: Equity Bulls

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