June 10, 2016 / 17:05 IST
Religare's research report on Tata Motors
JLR’s wholesale volumes for May grew at a robust 19% YoY to 46,204 units and retail growth was similar at 18% to 44,946 units, led by increased availability of Jaguar XE and F-Pace across regions. Jaguar volumes climbed 69% YoY, while Land Rover sales were moderate at 7% YoY. Region-wise, China led the pack with 26% growth, while Europe/UK came in at 24%/23%. North America/ROW lagged at 8% each. We maintain our FY17/FY18 volumes growth estimates at 19%/10% for JLR and reiterate BUY on TTMT with a Mar’17 TP of Rs 530.
View: We expect JLR’s volume growth to remain healthy in FY17/FY18 helped by Jaguar XE, Discovery Sports and the newly-launched F-Pace SUV. Also, healthy China volumes point to the smooth running of JV production – an impetus for profitability. We maintain our FY17/FY18 volume growth estimates at 19%/10% YoY for JLR and restate BUY on TTMT with a Mar’17 TP of Rs 530.
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