Tata Motors : Q2FY23 Result Update
14-11-2022

Market Cap: 1,40,600 Cr

CMP Rs. 434

Results	INR Cr	YoY Growth	Comments
Revenue	79,611	29.7%	JLR Revenues up 36% vs Q2 FY22 with strong model mix despite lower wholesales as chip supply constrains continue.
EBITDA	6,196	+130bps	JLR EBITDA margins improved by 300 bps to 10.3% although impacted by residual commodity inflation.
PAT	(899)	NA	Exceptional Loss of GBP155 Million in JLR.

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Key Highlights:

Q2 EV volumes highest at 11.5 K units (+326%) led by Nexon and Punch.
Signed definitive agreement for acquisition of Ford India’s Sanand plant which would unlock annual capacity of 300k vehicles scalable to 420k vehicles.
19% growth in Domestic CV sales over Q2 FY22 led by stronger sales of MHCVs.
Domestic CV market share at 43.2% in H1’FY23 (-150 bps vs FY 22).
JLR’s Total cash at 3.7 Billion pounds (Rs. 34,400 Cr) will help in reducing net debt of the company.

Management Outlook:

Cooling commodity prices and favourable currency exchange rates to aid improvement in underlying margins.
JLR free cashflow expected to be near breakeven for the full financial year.
Chip supply constraints expected to gradually improve through strategic tie ups.
Demand in JLR and PV segment remains strong for now. Management keen on gaining back lost market share in CV segment.

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360.15 3.70 (1.04%)

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Tata Motors : Q2FY23 Result Update
14-11-2022