TATA MOTORS LIMITED - Tata Motors Limited is India's largest automobile company, with consolidated revenues

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  • CMP (Rs) 285.00

    Target Price (Rs) 314.00

    ISIN: INE155A01022

    July 4 th

    , 2013

    TATA MOTORS LIMITED CONSOLIDATED Result Update: Q4 FY13

    HOLDHOLDHOLDHOLD

    Stock Data

    Sector Automobile

    BSE Code 500570

    Face Value 2.00

    52wk. High / Low (Rs.) 337.05/202.95

    Volume (2wk. Avg ) 1369000.00

    Market Cap ( Rs in mn ) 909249.75

    Annual Estimated Results (A*: Actual / E*: Estimated)

    Years FY13A FY14E FY15E

    Net Sales 1888176.30 2076993.93 2243153.44

    EBITDA 253588.30 276453.28 300471.86

    Net Profit 98926.10 103387.12 109821.74

    EPS 31.01 32.41 34.42

    P/E 9.19 8.79 8.28

    Shareholding Pattern (%)

    1 Year Comparative Graph

    BSE SENSEX TATA MOTOS LTD

    SYNOPSIS

    Tata Motors Limited is India's largest automobile company, leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments.

    Tata Motors Consolidated revenues of Rs. 560016.40 million for the quarter ended March 31, 2013, a growth of 10.01% over Rs. 509079.00 million for the corresponding quarter of the previous year.

    Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in June 2013 were 52,708 vehicles.

    Tata Motors has recommended a dividend of Rs. 2/- per Ordinary Share of Rs. 2/- each and Rs.2.10 per 'A' Ordinary Shares of Rs.2/- each for FY 2012-13.

    Tata Motors has launched Tata Vista D90, an advanced & dynamic car, delivering 90PS of raw power, offering first-in-class high-tech features in Nepal.

    Jaguar Land Rover wholesales for the quarter ended March 31, 2013, grew 18.7% over corresponding period last year to 116,340 units.

    Net Sales and Operating Profit of the company are expected to grow at a CAGR of 11% and 9% over 2012 to 2015E respectively.

    Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend

    Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

    Tata motors Ltd 285.00 909249.75 31.01 9.19 2.42 100.00

    Eicher Motors Ltd 3564.90 96255.80 72.82 48.95 15.30 200.00

    SML Isuzu Ltd 279.75 4048.40 25.17 11.11 1.46 80.00

    Titagarh Wagons Ltd 92.50 1846.40 11.90 7.74 0.28 40.00

  • Investment Highlights CONSOLIDATED

    Results updates- Q4 FY13,

    Tata Motors Limited is India's largest automobile

    company; it is the leader in commercial vehicles in

    each segment, and among the top three in passenger

    vehicles with winning products in the compact,

    midsize car and utility vehicle segments world and

    the largest in India, reported its financial results for

    the quarter ended 31st March, 2013.

    Months Mar-13 Mar-12 % Change

    Net Sales 560016.40 509079.00 10.01

    PAT 39454.70 62340.00 (36.71)

    EPS 12.37 19.64 (37.04)

    EBITDA 79789.80 69030.60 15.59

    Consolidated revenues of Rs. 560016.40 millions for the quarter ended March 31, 2013, a growth of 10.01% over

    Rs. 509079.00 millions for the corresponding quarter of the previous year, despite a weak operating

    environment in the standalone business which was more than offset by strong demand, growth in volumes,

    favourable market mix and favourable operating foreign exchange at Jaguar Land Rover (JLR). The company’s net

    profit falls to Rs.39454.70 million against Rs.62340.00 million in the corresponding quarter ending of previous

    year, a decrease of 36.71%. Reported earnings per share of the company stood at Rs.12.37 a share during the

    quarter, registering 37.04% decrease over previous year period. Profit before interest, depreciation and tax

    stood at Rs.79789.80 millions as against Rs.69030.60 millions in the corresponding period of the previous year.

    Expenditure :

    During the quarter total expenditure cost rose by 11

    per cent mainly on account of increase in other

    expenses along with consideration of depreciation in

    the rupee impact. Total expenditure in Q4 FY13 is

    Rs. 505392.00 million as against Rs. 456988.20

    million in Q4 FY12. Cost of Material Consumed cost

    is Rs. 307188.70 millions against Rs. 302115.70

    millions in the corresponding period of the previous

    year. Other Expenditure was Rs. 103618.50 million,

    Employee Benefit Expenses are Rs. 44223.90 million

    in Q4 FY13 are the primarily attributable to growth

    of expenditure.

  • Latest Updates

    • Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in June 2013 were

    52,708 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for June 2013

    were 48,712 nos.

    • Tata Motors has recommended a dividend of Rs. 2/- per Ordinary Share of Rs. 2/- each and Rs.2.10 per 'A'

    Ordinary Shares of Rs.2/- each for FY 2012-13.

    • Tata Motors has launched the all new Tata Vista D90, an advanced & dynamic car, delivering 90PS of raw

    power, offering first-in-class high-tech features in Nepal.

    • TML Holdings Pte. Ltd, a wholly owned subsidiary of Tata Motors Ltd, has issued and allotted S$350,000,000

    in principal amount of 4.25% senior notes due 2018.

    • Tata Motors has been conferred with the prestigious Indian Multinational of the Year award at the AIMA

    Managing India Awards 2013.

    • Jaguar Land Rover wholesales for the quarter ended March 31, 2013, grew 18.7% over corresponding period

    last year to 116,340 units.

    Company Profile

    Tata Motors Limited is India's largest automobile company, with consolidated revenues of INR 1,88,818 crores

    (USD 34.7 billion) in 2012-13. It is the leader in commercial vehicles in each segment, and among the top three

    in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The

    company is the world's fourth largest truck manufacturer, and the world's second largest bus manufacturer.

    Through its subsidiaries, the company is also engaged in engineering and automotive solutions, construction

    equipment manufacturing, automotive vehicle components manufacturing and supply chain activities, machine

    tools and factory automation solutions, high-precision tooling and plastic and electronic components for

    automotive and computer applications, and automotive retailing and service operations.

    Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 7.5 million

    Tata vehicles ply on Indian roads, since the first rolled out in 1954. The company's manufacturing base in India

    is spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar

    (Uttarakhand), Sanand (Gujarat) and Dharwad (Karnataka). Following a strategic alliance with Fiat in 2005, it

    has set up an industrial joint venture with Fiat Group Automobiles at Ranjangaon (Maharashtra) to produce

    both Fiat and Tata cars and Fiat powertrains. The company's dealership, sales, services and spare parts network

    comprises over 3,500 touch points.

  • Tata Motors is also expanding its international footprint, established through exports since 1961. The

    company's commercial and passenger vehicles are already being marketed in several countries in Europe,

    Africa, the Middle East, South East Asia, South Asia and South America. It has franchisee/joint venture assembly

    operations in Kenya, Bangladesh, Ukraine, Russia, Senegal and South Africa.

    With over 4,500 engineers and scientists, the company's Engineering Research Centre, established in 1966, has

    enabled pioneering technologies and products. The company today has R&D centres in Pune, Jamshedpur,

    Lucknow, Dharwad in India, and in South Korea, Spain, and the UK. It was Tata Motors, which developed the first

    indigenously developed Light Commercial Vehicle, India's first Sports Utility Vehicle and, in 1998, the Tata

    Indica, India's first fully indigenous passenger car. Within two years of launch, Tata Indica became India's

    largest selling car in its segment. In 2005, Tata Motors created a new segment by launching the Tata Ace, India's

    first indigenously developed mini-truck.

    In January 2008, Tata Motors unveiled its People's Car, the Tata Nano, which India and the world have been

    looking forward to. The Tata Nano has been subsequently launched, as planned, in India in March 2009. A

    development, which signifies a first for the global automobile industry, the Nano brings the comfort and safety

    of a car within the reach of thousands of families. The standard version has been priced at Rs.100,000 (excluding

    VAT and transportation cost). In May 2009, Tata Motors introduced ushered in a new era in the Indian

    automobile industry, in keeping with its pioneering tradition, by unveiling its new range of world standard

    trucks called Prima.

    Tata Group companies

    The Tata group comprises over 100 operating companies in seven business sectors: communications and

    i

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