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Motilal Oswal Report
Tata Motors Ltd.’s Q3 FY24 result was a strong beat, as consolidated Ebitda/profit after tax came in at Rs 153.3 billion/70.9 billion (versus our estimate Rs 137.6 billion/35.1 billion). Jaguar Land Rover reported an Ebit margin of 8.8% during the quarter (+150 bp QoQ), while the management maintained its margin guidance of 10% for FY26.
We upgrade our consolidated earnings per share by 23%/26% for FY24E/25E to factor in: better-than-expected gross margin in JLR, higher other income, and lower tax.
Reiterate 'Buy' with an FY26 SOTP-based target price of Rs 1,000.
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