Motilal Oswal's research report on Tata Motors
Improving chip supplies globally, along with a very strong order book, should bode well for JLR. This would be supplemented by a substantially favorable mix in favor of its three most profitable products (74% of order book), as well as a favorable mix and operating leverage benefit. In turn, improving supplies would further aid the release of working capital and enable substantial net debt reduction by FY25E (to <GBP1b from GBP3.85b in Dec-22).
Outlook
A strong recovery in JLR, sustained resurgence of the India business, and a possible monetization of its stake in Tata Technologies (possible value of INR25-47/share for TTMT) are the key catalysts for the stock over next 12 months. Maintain Buy with TP of INR540 (Mar-25E based SOTP).
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