Tata Motors zooms 7% on beating the Street with 137% surge in Q3 profit

Revenue from operations for the same period grew 25 percent YoY to Rs 1,10,577 crore for the quarter, while EBITDA for the quarter grew 59 percent to Rs 15,333.3 crore.

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Shares for Tata Motors zoomed 7 percent in early trade on February 5 at the open on the NSE after outpacing the Street estimates with robust Q3 numbers. In the last one year, the stock has accelerated nearly 99 percent. At 9:30am, it was trading at Rs 942.

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In a regulatory filing on February 2, after the market hours, Tata Motors reported a 137.5 percent on-year growth in consolidated profit of Rs 7,025 crore for the quarter ended December 2023. Revenue from operations for the same period grew 25 percent YoY to Rs 1,10,577 crore for the quarter, while EBITDA for the quarter grew 59 percent to Rs 15,333.3 crore. Margin for the reporting period expanded 300 basis points to 13.9 percent

Also read: Tata Motors Q3 consolidated net profit jumps 2x to Rs 7,025 crore, beats estimates

What the brokerages say

Analysts at Jefferies have a ‘buy’ call on the stock and have raised the target to Rs 1,100 per share. According to the brokerage, the company expects a better Q4 led by seasonality and improving supplies at JLR. While the brokerage sees some demand concerns in India in CY2024, they like the company’s strong PV launch pipeline. Jefferies has raised the FY2024-26 EPS by 7-11 percent.

The company, according to Motilal Oswal, should put up a healthy recovery as supply-side issues ebb (for JLR) and commodity headwinds stabilise (for the India business). They believe that the next leg of growth
for the company will be driven by JLR as they expect EBIT margin to reach around 9.9 percent by FY26, in line with the management’s guidance.

“While the India CV and PV businesses would see some moderation in growth in FY25, the focus shifts to margin expansion led earnings growth, which is likely to sustain,” the MOSL report adds.

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