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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul><li>TTMT’s Q3 performance was below expectations driven by sequential ASP decline at JLR and standalone operations, as well as lower than expected margin expansion in JLR (JLR margin up by 244bps QoQ to 14.2%, consolidated margin stable at 11.5%).</li><li>TTMT has marginally reduced FY25E JLR revenue guidance to £29bn (vs £30bn earlier, on general market challenges, especially in China), and maintained guidance on EBIT margin (~8.5%) and FCF (£1.3bn) while acknowledging the need for a strong Q4 to meet it (largely driven by higher production and usual seasonality-led strong cash generation in Q4).</li><li>India CV outlook is improving amid green shoots in underlying metrics like fleet utilization levels, freight rates, and financing.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

TTMT’s Q3 performance was below expectations driven by sequential ASP decline at JLR and standalone operations, as well as lower than expected margin expansion in JLR (JLR margin up by 244bps QoQ to 14.2%, consolidated margin stable at 11.5%).TTMT has marginally reduced FY25E JLR revenue guidance to £29bn (vs £30bn earlier, on general market challenges, especially in China), and maintained guidance on EBIT margin (~8.5%) and FCF (£1.3bn) while acknowledging the need for a strong Q4 to meet it (largely driven by higher production and usual seasonality-led strong cash generation in Q4).India CV outlook is improving amid green shoots in underlying metrics like fleet utilization levels, freight rates, and financing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors - Subdued Q3; Steep FCF Guidance at JLR for Q4