Wholesales above est. at 75.9k units (est. 69.1k)
CV sales grew 34% YoY at 55.3k units; PV sales grew 30% YoY at 20.6k units
* Tata Motors’ Mar-18 sales volumes were above our est. at 75.9k units (est. 69.1k units); growing by 32.8% YoY.
* PV segment sales increased by 29.8% YoY (in-line), as the UV segment registered volume growth of 206% YoY due to healthy demand of Nexon, while the car segment volumes declined 4.7% YoY.
* Total CV volumes increased by 33.9% YoY to 55.3k units (above est. of 48.7k units), led by increase in both LCV and HCV sales by 47.8% and 20% respectively.
* The stock trades at 6x/6x FY19E/20E consol. EPS. Maintain Buy.
To Read Complete Report & Disclaimer Click Here
For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412
Above views are of the author and not of the website kindly read disclaimer