Friday, May 29, 2009

[Investors Please Listen] Research Views

Tata Motors Limited – Q4FY09 Result expectation

We expect subdued performance from Tata Motors in Q4FY09.  We expect 25.7% YoY decline in net sales to Rs 65.8 bn, led by 23.3% YoY decline in volumes. On account of inventory reduction exercise, foreigh exchange rate fluctuation and cost pressure at all front, we expect EBITDA to decline by 65.4% YoY to Rs 3.9 bn. We expect APAT to decline by 80.0%% YoY to Rs 1.6 bn.  We would attach more importance on the following rather than 4QFY09 results. The financial detail of Jaguar and Land Rover (JLR). Also, the nature of backing expected for JLR from Brtish Government. The status of outstanding debt and details abou the end use of the same.

Tata Chemicals Q4FY09 / FY09 results below estimates

Consolidated net revenues of Rs 19 bn, +30%YoY were driven by 30% growth in each fertiliser and chemical. However EBITDA increased by 60% to Rs 3.4 bn (implying EBITDA margins of 17.9%). On segmental for Q4FY09 fertiliser contributed loss (adjusted) of Rs 1.3 bn while chemicals contributed EBIT (adjusted) of Rs 2.9 bn. However there may some adjusted items since proper break up and stand alone segmental results are not available.


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