MOSL: TATA MOTORS (Neutral)-JLR wholesales up ~19% YoY-led by low base/market-level initiatives
TATA MOTORS: JLR wholesales up ~19% YoY; led by low base/market-level initiatives
(TTMT IN, Mkt Cap USD5.4b, CMP INR122, TP INR146, 20% Upside, Neutral)
- JLR's wholesale volumes grew 19.4% YoY (-3.3% MoM) to 41.8k units (our estimate: ~43k) in Jul'19, whereas China JV volumes declined 2% YoY to 4k units. We note that growth was supported by a low base (22% decline in Jul'18) and market-level initiatives undertaken by the company.
- Jaguar volumes fell 1% YoY to 12.4k units (our estimate: 14k), whereas Land Rover volumes were up ~30.5% YoY to 22.6k units (our estimate: 29k units).
- JLR's retail volumes grew ~5% YoY with an improvement seen across markets (barring flat growth in Europe), particularly in China (+40% YoY to 8.6k units).
- Jaguar's retail volumes were up 3.6% YoY, led by higher sales in models like XE, XK/E-pace, others/F-types, whereas I-Pace reported ~1.1k units in sales.
- LR's retail volumes increased 5.6% YoY, led by RR Sport and RR Evoque (~64% YoY to 6.4k units).
Tata Motors is an automobile company, engaged in the manufacture and sale of commercial and passenger vehicles primarily in India. Co. provides cars, utility vehicles, trucks, buses, and defense vehicles, as well as develops electric and hybrid vehicles for personal and public transportation. In addition, Co. is engaged in the provision of engineering and automotive applications, as well as machine tools and factory automation applications; construction equipment manufacturing; automotive vehicle components manufacturing, among others. Co. markets its vehicles in Europe, Africa, the Middle East, South East Asia, South Asia, and South America.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
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