Tata Motors Q3 Review - All Business Verticals Improving In Tandem: ICICI Securities  
Signage for Tata Motors Ltd. is displayed in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg) 

Tata Motors Q3 Review - All Business Verticals Improving In Tandem: ICICI Securities  

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.

ICICI Securities Report

Tata Motors Ltd.’s Q3 FY21 operational performance beat consensus estimates with consolidated Ebitda margins at 14.8% (up 444 basis points YoY); driven by strong performance across domestic passenger vehicle/commercial vehicle and Jaguar Land Rover.

Management remains focused on free cash flow generation (Q3 - Rs 79 billion) and thereby aiding net debt reduction (QoQ - Rs 68 billion).

Management re-iterated its hard (ambitious) target of turning net debt free by FY24.

Management also laid out a strong market share target in domestic PV’s of more than 10% (nine-months FY21-7.8%) driven by new SUV launches (e.g. Safari, Hornbill).

Click on the attachment to read the full report:

ICICI Securities Tata Motors Q3FY21 Result Update.pdf

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