Motilal Oswal Securities expects Tata Motors losses at Rs 3,146.60 crore, even as it sees sales improving 14.3 per cent YoY to Rs 61,166.20 crore.
India business continues to see strong traction in personal vehicle volumes whereas commercial business has also benefited from cyclical recovery and market share gains, Motial said. But the brokerage expects semiconductors shortages to hit JLR business.
“JLR mix improvement will continue with a higher share of Land Rover. Cost cutting will aid performance. We expect volume recovery for JLR from the December quarter and assume volumes of 92,000 units for December quarter and 11,900 for March quarter, excluding JV volumes,” the brokerage said.
Emkay sees adjusted losses at Rs 4,416 crore. It sees revenues rising per cent to Rs 60,818 crore
“JLR’s revenues in pound terms are likely to fall 13 per cent YoY to 3.8 billion pounds, due to lower volumes (down 15 per cent). EBitda margins should contract by 590 bps to 5.2 per cent, due to negative operating leverage and the absence of furlough benefits,” Emkay said.
Nirmal Bang Institutional Equities sees losses at Rs 4,361 crore. It sees sales growing 7 per cent to Rs 57,266 crore.
For JLR, Nirmal Bang expects a 23 per cent sequential fall in volumes due to global supply chain constraints.
“Consequently, we expect Ebitda margin to fall to 5.9 per cent from 9 per cent in Q1FY22. For the standalone business, overall volume is expected to improve 50 per cent sequentially led by a strong recovery in CV and PV volumes. We expect Ebitda margin to increase to 5.5 per cent from 0.8 per cent in Q1FY22,” it said.
