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Tata Motors share price gains 2% ahead of Q4 results, brokerages forecast 5-fold jump in EBITDA

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Brokerages forecast a five-fold rise in earnings before interest, taxes, depreciation, and amortization (EBITDA) on the back of a 40 percent year-on-year (YoY) growth in revenue.

Tata Motors

Tata Motors share price gained 2 percent in the morning session on May 18 ahead of its Q4 results to be announced later in the day.

Brokerages expect a five-fold jump in earnings before interest, taxes, depreciation, and amortization (EBITDA) on the back of a 40 percent year-on-year (YoY) growth in revenue.

The auto major reported a 90 percent rise in standalone volumes (India) to 1.91 lakh units for Q4 FY21 driven by strong passenger vehicle demand and recovery in commercial vehicle demand. Its subsidiary, the UK-based luxury carmaker Jaguar Land Rover, is expected to report a 2 percent YoY decline in volume (excluding China JV) but a 7-8 percent YoY increase (including China JV).

The stock was trading at Rs 326.85, up to Rs 5.75, or 1.79 percent, at 0943 hours. It has touched an intraday high of Rs 328.20 and an intraday low of Rs 324.10.

"During the quarter, the commercial vehicle segment has witnessed growth on the back of improved consumer sentiments, stable freight rates, and higher infrastructure demand. The passenger vehicle business witnessed strong growth on a low base with robust demand for personal mobility and new launches. The electric vehicle segment witnessed 3x growth on a YoY basis," said KR Choksey.

Kotak Institutional Equities expects JLR volumes to increase by 7 percent YoY (including China JV) and down 2 percent YoY (excluding China JV) in Q4 FY21. The brokerage further expects revenues (ex-China JV) to increase by 23 percent YoY led by a 2 percent YoY decline in volumes and a 25 percent YoY increase in the average selling price in Q4FY21 due to a positive geographical mix.

Tata Motors' share price has surged 75 percent in 2021. In the preceding 12-month period, the stock delivered a whopping 298 percent to its investors.

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