Neutral Tata Motors Ltd For Target Rs. 725 by Motilal Oswal Financial Services Ltd

* For India, both PV and CV volumes declined ~6%/3% YoY.
* CVs’ EBITDA margin is expected to expand 90bp YoY, while EBITDA margin for PV is likely to remain stable YoY at 7.3%.
* JLR volumes are expected to grow 3% YoY. However, we expect EBITDA margin to be under pressure and contract 130bp YoY due to rising discounts and higher warranty costs.
* Overall, we expect TTMT to post 8% PAT growth.
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