TTM - Tata Motors expects strong improvements in EBIT and free cash flows in H2 FY23; to delist its ADSs from NYSE
- Tata Motors ( NYSE: TTM ) reported revenue growth of 29.7% in FQ2 and net loss of ?944.61 crore.
- JLR revenue grew 36% Y/Y, reflecting strong model mix and pricing with wholesale volumes (excluding China JV) of 75,307 up 17.6% year-on-year and 4.9% on the prior quarter.
- Commercial vehicle revenue up 35.5% Y/Y: CV domestic wholesales at 93.6K units (+19%), domestic retails at 94.9K units (+23%).
- Passenger vehicle revenue jumped 71% Y/Y: PV domestic wholesales at 142.3K units (+69%), domestic retails at 133.7K units (+ 57%).
- Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence aim to deliver strong improvements in EBIT and free cash flows in H2 FY23.
- Jaguar Land Rover production and sales volumes are expected to improve with positive profit margins and cashflow expected in the second half of FY23 and free cashflow is expected to be near breakeven for the full financial year.
- The company also announced to voluntarily delist its American Depositary Shares each representing five (5) Ordinary Shares of the Company, par value of Rs.2 per share from the NYSE.
- This will help simplify the company’s financial reporting requirements and reduce administrative costs.
- Tata Motors said it would concentrate on trading its equity shares on BSE and NSE after delisting its ADSs.
For further details see:
Tata Motors expects strong improvements in EBIT and free cash flows in H2 FY23; to delist its ADSs from NYSE