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Published on 17/04/2018 1:13:47 PM | Source: Motilal Oswal Securities Ltd

Buy Tata Motors Ltd For Target 491.00 - Motilal Oswal

Posted in Broking Firm Views - Long Term Report| #Tata Motors Ltd. #Auto Sector #Broking Firm Views Report #Motilal Oswal

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.

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