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Tata Motors – Global sales grew 21% in December 2010
Tata Motors reported its global sales numbers for December 2010, which grew by healthy
21% yoy to 90,294 units. On a sequential basis, however, sales were up 13%. Sales growth
was led by strong 29% and 13% yoy growth in the commercial and passenger vehicles
segments, respectively. Sales of marquee brands Jaguar and Land Rover (JLR) came in line
with our estimates, posting marginal 1% yoy growth (down 6.9% mom) to 21,353 units.
While Jaguar sales declined 10% yoy to 4,332 units, Land Rover sales posted 4% yoy growth
to 17,021 units. Meanwhile, as per media reports, JLR has signed a new deal worth more
than £1bn to sell 40,000 vehicles (4,000 Jaguar and 36,000 Land Rover) in China in 2011.
We expect Tata Motors to maintain its volume growth momentum going ahead and maintain
Buy on the stock with an SOTP Target Price of `1,458.
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