The company’s consolidated revenue from operations grew by 41.8 percent year-on-year to Rs 88,627.9 crore in Q4FY21
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); });
Tata Motors share price slipped 6 percent in early trade on May 19, a day after the automaker announced its March quarter earnings.
The company on May 18 posted a consolidated loss at Rs 7,605.4 crore for the quarter ended March 2021 despite a sharp growth in revenue though on a low base.
The company had reported a consolidated loss of Rs 9,894.25 crore in the year-ago quarter and profit at Rs 2,906.45 crore in the December 2020 quarter.
The company’s consolidated revenue from operations grew by 41.8 percent year-on-year to Rs 88,627.9 crore in Q4FY21, and the sequential increase in topline was 17.1 percent, meeting analysts’ estimates.
Read: Tata Motors posts Q4 loss at Rs 7,605.4 crore, revenue growth at 42% meets estimates
Here is what brokerages have to say about the stock and the company post the March quarter earnings announcement:
Nomura | Rating: Reduce | Target: Rs 313
The Q4 was ahead of estimates on lower marketing spends for JLR. The debt reduction is positive, while the lack of EVs is a long-term concern for JLR.
Kotak Institutional Equities | Rating: Sell | Target: Rs 205
It was a strong operational performance in standalone business, while JLR operating performance was below due to lower-than-expected ASPs.
JLR launches in the EV space is pretty late compared to the competition, which may lead to a market loss for JLR going forward. JLR is trading at a significantly higher multiple as compared to BMW.
Goldman Sachs | Rating: Sell | Target: Rs 254
The Q4 results were a mixed bag with a beat on India business & a miss at JLR. JLR EBITDA was supported by lower incentives & marketing costs; both of which will increase in FY22. JLR’s results lagged the performance & outlook of its larger peers BMW & Daimler.
UBS | Rating: Neutral | Target: Rs 360
UBS is positive on India business, but JLR volume expectations are high. The chip shortage is likely to impact JLR volumes in H1. The inventories are low & we are constructive on India truck recovery. The profitability improvement for JLR is priced in.
Citi | Rating: Buy | Target: Raised to Rs 395
The domestic business reported a strong Q4 but JLR performance is slightly weak. There are near-term headwinds for both business, while underlying growth drivers are intact & recovery is seen over H2FY22.
CLSA | Rating: Buy | Target: Raised to Rs 450
The FCF generation at JLR & India continues to surprise positively. FY21 FCF at Rs 5,300 crore despite COVID-related disruptions. The management expects strong volume & FCF to resume in H2FY22.
Prabhudas Lilladher | Rating: Reduce | Target: Rs 279
We maintain reduce eating with a target price of Rs 279 (v/s Rs 271) as tangible financial savings from project charge at JLR (FY21 savings of GBP2.5b) and S/A at Rs 93 bn are largely in numbers. We raise JLR FY22/23 PAT by 0.2%/4% to factor in higher volumes led by Defender.
The key upside risk is the global car alliance boosting scale as JLR volumes remain muted at -13% CAGR over FY18-21. Our estimate factors sharp improvement in JLR’s EBIT margins at 4.3%/5% for FY22/FY23E (v/s -0.1%/2.6% in FY20/21) and at S/A EBIT 0.3%/2.5% (v/s -8.6%/-4.7% in FY20/21).
Sharekhan | Rating: Buy | Target: Rs 430
Tata Motors is witnessing an improvement in all its business verticals – JLR, CVs and PVs. H2FY21 saw strong volume growth and better operational efficiencies aided by aggressive product launches, market positioning, product differentiation, cost savings and investments in R&D.
We expect the company to benefit from improving macro-environment in India and globally, post normalisation of COVID Wave-2. The company is generating a strong FCF, which will help it pursue its business plans and reduce high debts.
Motilal Oswal | Rating: Buy | Target: Rs 400
Near term headwinds notwithstanding, Tata Motors would see the triple benefit of a) macro recovery, b) company-specific volume/margin drivers, and c) sharp improvement in FCF and leverage in both JLR as well as the India business.
At 09:19 hrs, Tata Motors was quoting at Rs 315.40, down Rs 16.95, or 5.10 percent on the BSE.
The share touched a 52-week high of Rs 357 and a 52-week low of Rs 79.60 on 03 March, 2021 and 18 May, 2020, respectively.
Currently, it is trading 11.65 percent below its 52-week high and 296.23 percent above its 52-week low.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
