Tata Motors - JLR volumes disappoint a tad in 1QFY14 - Kotak

JLR retail volumes grew by 10% yoy in 1QFY14, which were 3% lower than our estimates, primarily reflecting lower Evoque volumes and earlier-than-expected phase-out of Range Rover Sport. We believe JLR volume momentum will revive after the new Range Rover Sport is launched.

Depreciation of GBP versus Dollar also augurs well for JLR operating margin, which should offset negative model mix/increase in discounting.

Maintain our BUY rating.

Source : Equity Bulls

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