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TATA MOTORS LTD.

NSE : TATAMOTORSBSE : 500570ISIN CODE : INE155A01022Industry : Automobiles-Trucks/LcvHouse : Tata
BSE156.20-0.5 (-0.32 %)
PREV CLOSE ( ) 156.70
OPEN PRICE ( ) 157.05
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 156.20 (317)
VOLUME 730430
TODAY'S LOW / HIGH ( )154.80 159.00
52 WK LOW / HIGH ( )141.9 282
NSE156.20-0.55 (-0.35 %)
PREV CLOSE( ) 156.75
OPEN PRICE ( ) 157.40
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 156.20 (249)
VOLUME 12942555
TODAY'S LOW / HIGH( ) 154.80 159.00
52 WK LOW / HIGH ( )129 282
AnalystEmailIdswati.singh@narnolia.com
AnalystNameSwati Singh
BSECode500570
CP1DesignationCEO &MD, Tata Motors
CP1NameMr. Gunter Butschek
CP2DesignationCEO, JLR
CP2NameMr. Ralf D. Speth
CP3DesignationGroup CFO
CP3NameMr. P B Balaji
CallDate20 May 2019
DescriptionThe domestic market demand outlook continues to remain tepid for next 3-6 months. The overall demand outlook continues to remain challenging led by tariff risks, brexit, diesel uncertainty and lower consumer sentiment. However, with JLR outperforming the industry, strong SUV demand and premiumisation expected to be continued, the demand may improve going ahead in FY20. The retail growth for medium term is expected to remain due to robust infra spending and pre-buying ahead of BS-VI norms in 2HFY19. There has been slowdown premium segment in China due to higher discounts offererd by the OEMs. Tough trade conditions have also been impacting the China market. US market conditions remain favorable due to stable premium market with shift towards SUV along with trucks continuing to grow.   TATAMOTORS Outlook The volume growth is expected to be better than the industry growth in FY20-22 EBIT margin is expected to remain at 4-6% along with positive cash flow. The company will continue to focus on reducing net debt and is also focusing to successfully migrate towards BS-VI. JLR Outlook The retail sales growth is expected to remain better in premium segment. EBIT margin are expected to be in the range of 3-4% in FY20-21 and the cash flow may be negative but improve by the time. There may be impact of plant shutdown due to hard brexit. The company is expected to deliver project charge targets of £2.5 b by March 2020. Other Highlights The newly launched Harrier has been doing well and has an order book of over 2 months. The premium car Altroz is expected to get launched in the coming months. The company will make new launches of Evoque and Defender model in land rover, along with a refreshed version of XE in jaguar in FY20. Currently the inventory level in US for Jaguar and Land Rover stands at 55 days and 80 days respectively Investments spending have increased to Rs 5325 crores led by BS-VI and new products investments. The overall retails have been down by 5.8% YoY due to China. North America and UK have shown growth better than the industry. Tata Motors Finance – Disbursals were up by 43% to Rs. 21993 crs in FY19 with new vehicle and used vehicle disbursals up by 38% and 86
SubjectQ4FY19 EARNING CONFERENCE CALL

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