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