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Tata Motors' global sales rebound in September 2011, up 23.3% yoy
Tata Motors reported better-than-expected global volumes for September 2011, driven by
strong growth across product segments and especially on the Jaguar and Land Rover (JLR)
front. Total global sales rebounded in September 2011, registering impressive growth of
23.3% yoy and 22.6% mom in sales to 107,258 units. Global commercial volumes
jumped strongly by 26.3% yoy (7.7% mom), driven by domestic sales; while global
passenger volumes grew by 20.6% yoy (40.8% mom) on the back of spectacular
performance from JLR. Wholesale volumes of JLR posted better-than-expected 41.5% yoy
(robust 30.1% mom) growth in volumes to 27,639 units, led by introduction of Range
Rover Evoque and Jaguar XF 2.2 diesel model. JLR sales registered 13.7% (62.1% mom)
and 50.8% (24% mom) yoy growth during the month, as volume momentum continued to
remain strong in China and Russia. We expect JLR to sustain its performance going ahead
on the back of strength of its recently introduced models. However, due to the recent run
up in the stock price we recommend Neutral on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Tata Motors' global sales rebound in September 2011, up 23.3% yoy
Tata Motors reported better-than-expected global volumes for September 2011, driven by
strong growth across product segments and especially on the Jaguar and Land Rover (JLR)
front. Total global sales rebounded in September 2011, registering impressive growth of
23.3% yoy and 22.6% mom in sales to 107,258 units. Global commercial volumes
jumped strongly by 26.3% yoy (7.7% mom), driven by domestic sales; while global
passenger volumes grew by 20.6% yoy (40.8% mom) on the back of spectacular
performance from JLR. Wholesale volumes of JLR posted better-than-expected 41.5% yoy
(robust 30.1% mom) growth in volumes to 27,639 units, led by introduction of Range
Rover Evoque and Jaguar XF 2.2 diesel model. JLR sales registered 13.7% (62.1% mom)
and 50.8% (24% mom) yoy growth during the month, as volume momentum continued to
remain strong in China and Russia. We expect JLR to sustain its performance going ahead
on the back of strength of its recently introduced models. However, due to the recent run
up in the stock price we recommend Neutral on the stock.
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