Tata Motors share price declined 2 percent in early trade on January 31 as the company's consolidated net profit for the December quarter stood at Rs 1,738.30 crore against a loss of Rs 26,992.54 crore in the corresponding quarter of the previous financial year.
The number beat the Street estimates strongly as a CNBC-TV18 poll had estimated the numbers to the tune of Rs 760.8 crore.
Consolidated revenue from operations stood at Rs 71,676.1 crore in Q3FY20, falling almost 7 percent YoY against Rs 76,915.94 crore in Q3FY19. Revenue came in lower than the CNBC-TV18 poll of Rs 73,008 crore also.
Also Read - Tata Motors Q3: Consolidated net profit beats Street, JLR continues to improve
Morgan Stanley has maintained equal-weight rating on the stock with a target at Rs 155 per share.
According to research house the results below estimates, while the cost cutting is on track.
JLR EBITDA 20 percent below our estimate & EBIT 34 percent below our estimate and awaiting concrete signs of a pick-up in demand in key end markets, said Morgan Stanley.
India business performance was weak as well, with EBITDA down 90 percent YoY, driven by PV segment, it said.
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