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Tata Motors – Global sales grew 6% in November 2010
Tata Motors reported its global sales numbers for November 2010, which grew by 6% yoy
to 79,959 units. Sales growth was led by 21% yoy growth in the commercial vehicles
segment. However, the sales of passenger vehicles segment declined 6% yoy to 39,715
units. Sales of luxury brands Jaguar and Land Rover (JLR) came in ahead of our estimates,
posting 22% yoy growth (21.8% mom) to 22,957 units. JLR continues to maintain its
volume momentum as demand remains strong across key geographies. While Jaguar
sales grew by a robust 30% yoy (74.6% mom) to 5,621 units, Land Rover sales posted
20% yoy growth (10.9% mom) to 17,336 units. We expect Tata Motors to post strong
volume growth going ahead and maintain an Accumulate view on the stock with an SOTP
Target Price of `1,458.
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