BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
Tata Motors Ltd.’s Q4 FY21 results were operationally in-line, both for Jaguar Land Rover and standalone.
However, adjusted for one-offs, profit after tax came in lower at Rs 27.5 billion (our estimate: Rs 35.5 billion).
Standalone performance continues to improve led by 110 basis point QoQ expansion in passenger vehicle/commercial vehicle margins each at 4.9%/9.1%.
Yet, JLR's margin contracted by 50 basis point QoQ to 15.3% led by lower average selling prices at £53.3k/unit (versus 58.3k/unit in Q3 FY21).
China joint venture continues to report loss at £19 million (versus £40 million in Q4 FY20).
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