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Prabhudas Lilladher Report
Tata Motors Ltd.’s consolidated performance largely surprised on all fronts with revenue growing 15% YoY and margin merely contracting (10.1%) 95 basis points QoQ, protected through cost control measures.
Though inventory at Jaguar Land Rover is very thin (channel inventory of 27,000 units), the unit has strong order book of 125,000 units, of which 32,000 is for Defender. Retails are likely to pick up as and when chip supply recovers.
For standalone operations, Tata Motors has been able to gain market share across segments; passenger vehicle market share at 11% versus 8% in FY21, commercial vehicle at 44.6% versus 42.4% in FY21 and electric vehicle market share stands at 71%.
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