Tata Motors Ltd

About

Tata Motors Group is a leading global automobile manufacturer. Part of the illustrious multi-national conglomerate, the Tata group, it offers a wide and diverse portfolio of cars, sports utility vehicles, trucks, buses and defence vehicles to the world.

It has operations in India, the UK, South Korea, South Africa, China, Brazil, Austria and Slovakia through a strong global network of subsidiaries, associate companies and Joint Ventures (JVs), including Jaguar Land Rover in the UK and Tata Daewoo in South Korea. [1]

Key Points

Jaguar Land Rover Ltd.
Tata Motors Ltd (TML) bought british iconic brands Jaguar & Land Rover from Ford in 2008 and merged them together in 2013 to form one unified company. [1] The company is aimed at addressing the fundamental challenges that will ensure JLR's sustainable and successful future. In FY20, Land Rover accounted for 74% of sales of the JLR and the rest 26% sales were contributed by Jaguar brand automobiles. [2] JLR is the major contributor to TML's sales and it accounted for almost 80% sales of the group in FY20.

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  • Market Cap 172,543 Cr.
  • Current Price 480
  • High / Low 537 / 157
  • Stock P/E
  • Book Value 135
  • Dividend Yield 0.00 %
  • ROCE 5.82 %
  • ROE -22.9 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 3.57 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -1.76% over past five years.
  • Company has a low return on equity of -27.49% for last 3 years.
  • Company might be capitalizing the interest cost
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
76,916 86,422 61,467 65,432 71,676 62,493 31,983 53,530 75,654 88,628 66,406 61,379
70,789 77,972 58,609 58,387 64,282 61,802 31,300 47,432 63,521 75,254 61,164 57,262
Operating Profit 6,127 8,450 2,858 7,045 7,394 691 683 6,098 12,133 13,374 5,243 4,117
OPM % 8% 10% 5% 11% 10% 1% 2% 11% 16% 15% 8% 7%
Other Income -27,347 -244 727 712 899 -2,236 610 638 289 -12,655 584 862
Interest 1,568 1,588 1,712 1,835 1,744 1,953 1,877 1,950 2,126 2,145 2,203 2,327
Depreciation 6,439 5,353 5,112 5,300 5,199 5,815 5,599 5,601 6,129 6,217 6,202 6,123
Profit before tax -29,228 1,265 -3,238 621 1,350 -9,313 -6,184 -815 4,167 -7,643 -2,579 -3,472
Tax % 8% 9% -6% 72% -45% -4% -36% 58% 23% 2% -68% -29%
Net Profit -26,993 1,117 -3,698 -217 1,738 -9,894 -8,438 -314 2,906 -7,605 -4,451 -4,442
EPS in Rs -93.49 3.87 -12.81 -0.75 5.63 -32.03 -27.32 -1.02 9.41 -22.91 -13.41 -13.38

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
92,519 122,128 165,654 188,793 232,834 263,159 273,046 269,693 291,550 301,938 261,068 249,795 292,067
86,210 105,541 143,439 164,197 197,980 223,920 234,650 240,104 260,093 277,274 243,081 217,507 257,201
Operating Profit 6,309 16,586 22,215 24,596 34,853 39,239 38,395 29,589 31,458 24,664 17,987 32,287 34,866
OPM % 7% 14% 13% 13% 15% 15% 14% 11% 11% 8% 7% 13% 12%
Other Income 3,566 891 -74 213 -157 714 -2,670 1,869 5,933 -26,686 102 -11,118 -10,919
Interest 2,465 2,385 2,982 3,560 4,749 4,861 4,889 4,238 4,682 5,759 7,243 8,097 8,801
Depreciation 3,887 4,656 5,625 7,601 11,078 13,389 16,711 17,905 21,554 23,591 21,425 23,547 24,671
Profit before tax 3,523 10,437 13,534 13,647 18,869 21,703 14,126 9,315 11,155 -31,371 -10,580 -10,474 -9,526
Tax % 29% 12% -0% 28% 25% 35% 21% 35% 39% 8% -4% -24%
Net Profit 2,571 9,274 13,516 9,893 13,991 13,986 11,579 7,454 8,989 -28,826 -12,071 -13,451 -13,591
EPS in Rs 9.62 32.66 47.60 34.62 48.46 48.44 40.11 25.82 31.13 -99.84 -39.08 -40.51 -40.29
Dividend Payout % 33% 14% 9% 6% 5% 0% 1% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 7%
5 Years: -2%
3 Years: -5%
TTM: 33%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 22%
Stock Price CAGR
10 Years: 10%
5 Years: 2%
3 Years: 42%
1 Year: 161%
Return on Equity
10 Years: 4%
5 Years: -12%
3 Years: -27%
Last Year: -23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
571 635 635 638 644 644 679 679 679 679 720 766 766
Reserves 7,636 18,534 32,064 36,999 64,960 55,618 78,273 57,383 94,749 59,500 61,491 54,481 43,911
Borrowings 35,108 32,811 47,149 53,716 60,642 73,610 69,360 78,604 88,950 106,175 124,788 142,131 148,872
43,279 48,403 62,919 76,977 92,180 107,442 114,872 135,914 142,813 139,349 133,181 144,193 120,586
Total Liabilities 86,594 100,382 142,766 168,330 218,426 237,315 263,184 272,580 327,192 305,703 320,179 341,570 314,135
33,013 35,349 44,360 55,512 69,092 88,479 107,232 95,944 121,414 111,234 127,107 138,708 146,171
CWIP 8,916 11,457 15,946 18,454 33,263 28,640 25,919 33,699 40,034 31,884 35,622 20,964 7,450
Investments 2,219 2,544 8,918 8,765 10,687 15,337 23,767 20,338 20,813 15,771 16,308 24,620 23,677
42,446 51,032 73,542 85,600 105,385 104,858 106,266 122,600 144,932 146,814 141,141 157,278 136,836
Total Assets 86,594 100,382 142,766 168,330 218,426 237,315 263,184 272,580 327,192 305,703 320,179 341,570 314,135

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
8,997 11,240 18,384 22,163 36,151 35,531 37,900 30,199 23,857 18,891 26,633 29,001
-7,691 -7,023 -19,464 -22,969 -27,991 -36,232 -36,694 -39,571 -25,139 -20,878 -33,115 -25,672
2,842 -1,401 6,567 -1,692 -3,883 5,201 -3,795 6,205 2,012 8,830 3,390 9,904
Net Cash Flow 4,148 2,815 5,488 -2,499 4,277 4,500 -2,589 -3,167 730 6,843 -3,092 13,232

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 28 20 18 21 17 17 18 19 25 23 16 19
Inventory Days 67 65 61 64 69 67 73 77 83 73 82 83
Days Payable 130 104 109 123 133 122 129 127 141 127 139 157
Cash Conversion Cycle -35 -20 -30 -38 -47 -37 -38 -31 -34 -32 -42 -55
Working Capital Days -32 -30 -34 -38 -32 -38 -37 -44 -37 -35 -41 -48
ROCE % 11% 26% 26% 21% 23% 21% 15% 9% 9% 2% -0% 6%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
37.27 38.37 38.37 38.37 42.39 42.39 42.39 42.39 42.39 46.41 46.41 46.41
18.99 19.14 19.51 18.95 18.32 16.84 15.62 15.84 15.61 13.78 14.28 13.35
17.30 16.10 15.83 15.50 14.89 13.42 13.22 13.06 12.56 11.91 11.47 13.30
0.17 0.17 0.17 0.17 0.16 0.16 0.16 0.16 0.16 0.15 0.15 0.15
26.27 26.22 26.12 27.01 24.24 27.19 28.60 28.55 29.27 27.75 27.69 26.80

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