ICICI Direct: Tata Motors’ Q2 Margin Performance Shines Bright
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ICICI Direct Report
Tata Motors Ltd. reported a healthy Q2 FY21 performance.
Consolidated net sales were at Rs 53,530 crore, down 18.2% YoY (India down 3.3%, Jaguar Land Rover down 29%) tracking 32% YoY volume decline in JLR operations.
Ebitda margins were at 12.5% amid savings in other expenses.
JLR margin print returned to double digit territory (11.1%) while India passenger vehicle business achieved Ebitda breakeven.
Consequent consolidated loss after tax was at Rs 307 crore, with JLR profit before tax at 65 million pounds and standalone loss at Rs 1,213 crore.
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