Emkay Global Financial's research report on Tata Motors
TTMT reported a mixed performance for 4QFY23. The company's India-CV business disappointed with muted margin expansion (150bps QoQ; 390bps YoY) to 10.3% (vs. est. of 10.8%), despite benefits of operating leverage (21% QoQ higher volumes), softening commodity prices and lower discounts. Whereas, the India-PV business and JLR reported healthy margin expansion of 40bps QoQ/40bps YoY and 270bps QoQ/200bps YoY to 7.3% and 14.6%, respectively.
Outlook
We maintain our BUY recommendation on the stock, with an SOTPbased TP of Rs565/share (Rs550 earlier), based on FY25E.
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