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Tata Motors: Uncertainties amid recovery

While Tata Motors' numbers have improved, they are yet to touch pre-pandemic levels

October 28, 2020 / 07:34 PM IST
Tata Motors: Uncertainties amid recovery

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

The September-quarter numbers of Tata Motors (CMP: Rs 136.65, Mcap: Rs 44,799 crore) reflected the sharp recovery that happened during the quarter following the unprecedented disruption caused by the covid pandemic. However, while the company’s numbers have improved, they are yet to touch pre-pandemic levels. The Jaguar Land Rover (JLR) business saw a decline in volumes and revenues. However, cost reduction helped to check the fall in its operating margin. The India business, on the other hand, witnesses a sharp recovery and...

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