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Tata Motors skids on muted Q2 show in India biz, weak outlook in JLR
Tata Motors Ltd’s shares dropped over 5% in Thursday’s morning trade on the NSE as the automaker saw weak margins in its India business in the September quarter (Q2FY23). JLR sold 75,000 units but a favourable mix aided the Ebitda margin, which rose to 10.3%, up by 400bps sequentially. There was improvement in the production ramp-up of New Range Rover and New Range Rover Sport. India business though impacted temporarily, is largely set to reach the targeted 10% Ebitda margin level in coming quarters with margin tailwinds coming in place," said analysts at ICICI Securities in a report on 10 November. To be sure, a meaningful turnaround in the JLR business would aid investor sentiments for the Tata Motors stock, which is down by nearly by 23% from its 52-week high. ABOUT THE AUTHOR Vineetha Sampath Vineetha Sampath is a chartered accountant and is experienced in the field of research analysis. Source - NDTV #tatamotors #india
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