Reduce Tata Motors - Kotak

JLR beats expectations

Tata Motors reported consolidated profit of Rs34.05 bn (+41% yoy, 82% qoq), 18% above our estimate, driven by strong performance of JLR, while standalone profitability was impacted by deteriorating profitability of the passenger-car business.

We upgrade the stock to REDUCE (from SELL) and increase the target price to Rs285 (from 225 earlier) due to the upward revision in JLR estimates.

Source : Equity Bulls

Keywords