Tata Motors Q4 Review - Outperformance Continues Across Segments: ICICI Direct
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ICICI Direct Report
Tata Motors Ltd. reported an operationally strong Q4 FY21 performance.
Consolidated sales rose 41.8% YoY to Rs 88,628 crore (Jaguar Land Rover sales up 20.5%, India sales up ~106%) amid ~7.5% volume increase at JLR and ~90% India volume jump.
Consolidated margins were down 37 basis points QoQ at 16.5% (JLR 15.3%, India 8.7%) on the back of operating leverage benefits and softer than expected gross margin contraction.
Consolidated loss after tax was at Rs 7,585 crore, with the company booking net exceptional charge to the tune of Rs 13,347 crore (Rs 9,606 crore for cancelled JLR models under ‘Reimagine’ and Rs 5,388 crore for restructuring costs at JLR).
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