Tata Motors' Fiscal 2Q Results Disappoint; INR 560 Fair Value Estimate Unchanged
Narrow-moat-rated Tata Motors reported fiscal 2017 second-quarter earnings per share of INR 2.42, a dramatic improvement from the year-ago loss per share of INR 5.19. Even so, the stock closed 10% lower as the market was expecting INR 8.59. Tata’s EPS result represented an eye-popping 70% miss. The unfavorable swing in the British pound was the main driver behind the earnings shortfall, but declines in Indian medium and heavy commercial truck volume and a disappointing margin performance (exclud...
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