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Tata Motors: Hit hard by COVID-19, but valuations don’t reflect it

June 16, 2020 / 01:05 PM IST
Tata Motors: Hit hard by COVID-19, but valuations don’t reflect it

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Tata Motors’ (CMP: Rs 100.5, Mcap: Rs 33,229 crore) numbers for the March quarter were severely impacted by COVID-19.  After performing strongly in Q2 and Q3 of FY20, the Jaguar Land Rover (JLR) business was hit by the pandemic in Q4. It saw a steep decline in volumes and margins. Its India business was already under stress and deteriorated further due to the lockdown. Steep volume decline and resulting negative operating leverage affected profitability and cash flows. The overall outlook for both...

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