BSE Code: | NSE Code: | ISIN: | Sector:
Research Report Detail
|Report Date||Call||Price@Call||Target Price
|Current Status||Time Horizon|
|Closed|| Long (1Y)
HDFC Securities maintains buy on Tata Motors
(TTMT) 1QFY18 performance was a miss on account of lower JLR margins
(7.9%), led by lower volumes, higher costs associated with launches and
rise in staff costs. Standalone margins also were below estimates,
owing to an inferior product mix and GST transition-related costs.
Management guided that hedging losses could reduce in subsequent
quarters. Also, the model mix is likely to turn favourable with the
ramp-up of sales for Discovery and Velar, thereby improving margins.
Post commissioning of the Slovakia plant, capex intensity for JLR is
likely to reduce from FY19.