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Accumulate Tata Motors; target of Rs 1156: KR Choksey

KR Choksey recommended accumulate rating on Tata Motors with a target price of Rs 1156 in its research report dated August 12, 2024.

August 16, 2024 / 14:52 IST
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    26 Aug, 2025 12:21
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    KR Choksey's research report on Tata Motors

    In Q1FY25, TML revenue stood at INR 1,080,480 Mn, which grew by 5.7% YoY/(-9.9% QoQ), missing our estimates by 2.3%. The YoY revenue growth was primarily driven by a 2.6% YoY increase in volume, reaching 327,646 units. TML-CV revenue grew by 5.0% YoY/ (-17.3% QoQ), while TML-PV revenue decreased by 7.7% YoY (-17.9% QoQ). EBITDA stood at INR 155,090 Mn, up 14.4% YoY/ (-8.7% QoQ), outperforming our estimates by 5.5%. In Q1FY25, PAT was INR 55,660 Mn (+73.8% YoY), which outperformed our estimates on the back of better operating performance partially offset by a higher tax rate in Q1FY25.

    Outlook

    We maintain our EV/EBITDA multiples across segments. We expect the CV and JLR segments will contribute to overall stability in performance. Consequently, we have revised our target price to INR 1,156/share (previously: INR 1,043). With an 8.2% upside potential, we reaffirm our “ACCUMULATE” rating on Tata Motors shares.

    For all recommendations report, click here

    Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

    Tata Motors - 160824 - kr

    Broker Research
    first published: Aug 16, 2024 02:52 pm

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