Tata Motors gains on positive JLR sales numbers

Wholesale sales for JLR were up 30% at 93,253 units YoY in Q1FY24. Retail sales for JLR were up 29% at 101,994 units YoY

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Tata Motors shares gained on July 10 after wholesales for Jaguar Land Rover (JLR) sales rose 30 percent for the June quarter, compared to the same period last year.

Tata Motors was up 1.84 percent at Rs 629.80 at 10.20 am on the National Stock Exchange. The stock has gained 57 percent since January 1.

Wholesale sales for JLR were up 30 percent at 93,253 units year-on-year (YoY) in the first quarter, Tata Motors said in a quarter update on July 7. Further, retail sales for JLR were up 29 percent at 101,994 units YoY.

JLR’s client orders fell 7.5 percent quarter-on-quarter (QoQ) to 185,000 units in the April-June quarter. However, this was in line with the company’s expectations as chip shortage and other supply constraints continued to improve.

Compared to a year earlier, JLR’s sales in April to June quarter increased 42 percent in North America, 40 percent in China, and 6 percent in the United Kingdom. Sales growth was flat in Europe.

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Analysts’ Take

CLSA has a buy rating on Tata Motors with a target price of Rs 690. The brokerage firm expects Tata Motors to have a free cash flow of £1.5 billion in 2024-25. “Path to higher volume and margin and hence free cash flow remains clear,” said CLSA in a brokerage flash.

JP Morgan has a neutral rating on the stock and has raised its target price to Rs 540 for Tata Motors. The foreign brokerage firm said that JLR’s wholesale sales are in line with the company’s expectations.

Tata Motors revenue increased 24 percent to 350,600 crore YoY in FY23. The company made a profit of Rs 2414 crore in FY23 as compared to a loss of Rs 11,441 crore in FY22. EBITDA margins increased 56 basis points year-on-year in the same period.

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