Tata Motors - PDF by niusheng11

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  Auto                               Tata Motors
                                    Q3FY10/ Estimate change                              1 February 2010
Sell                                Absence of other income hits PAT                                                Key Data
Target Price: Rs407                                                                                                 Bloomberg Code                                            TTMT IN
                                    Tata Motor’s (TML) Q3FY10 PAT at Rs4bn was lower-
CMP: Rs694*                                                                                                         Reuters Code                                         TAMO.BO
                                    than-estimated in the absence other income during the
Downside: 41%                       quarter. Operationally, EBITDA margin at 12.8% was                              Current Shares O/S (mn)                                     479.7
                                    just 33bp below estimate. We believe Q4 sales would be                          Diluted Shares O/S(mn)                                      614.4
*as on 29 January 2010
                                    unusually low, as the monetary tightening adopted by                            Mkt Cap (Rsbn/USDbn)                                    333.1/7.2
                                    the RBI and the stimulus exit by the government take                            52 Wk H / L (Rs)                                          845/126
                                    their toll. We raise our target price to Rs407 (earlier                         Daily Vol. (3M NSE Avg.)                             3,740,553
                                    Rs241) as we roll forward a quarter. Maintain Sell.                             Face Value (Rs)                                                 10
                                         Results below expectations: Q3 net sales increased                         USD = Rs44.2
                                         88.7% YoY to Rs89.8bn, just 2.4% above our estimate of
                                         Rs87.7bn. However, adjusted PAT of Rs4bn was below                         One Year Indexed Stock Performance
                                         our estimate of Rs6.1bn. We had factored-in
                                                                                                                     580
                                         divestments to boost other income. There was none.                          540
                                                                                                                     500
                                         Absolute EBITDA at Rs11.5bn matched our estimate,                           460
                                                                                                                     420
                                                                                                                     380
                                         but as margin 12.8% was 33bp below estimate.                                340
                                                                                                                     300
                                                                                                                     260
                                         Margin pressure evident: With raw material costs                            220
                                                                                                                     180
                                         rising 287bp QoQ to 68.5%, EBITDA margin came under                         140
                                                                                                                     100
                                         pressure, though volume leverage curtailed the fall to                       60
                                                                                                                      20
                                         just 33bp. The company said raw material cost                                Jan-09    Mar-09   May-09   Jul-09    Sep-09   Nov-09    Jan-10

                                         increases may not be effectively offset by price hikes                                TATA MOTORS LTD             NSE S&P CNX NIFTY INDEX

                                         alone. We expect margin to contract in the absence of
                                         volume leverage as we foresee a bleak sales in Q4.                         Price Performance (%)
                                         Target price raised, Maintain Sell: We have upgraded                                                              1M        6M           1Yr
Mahantesh Sabarad                        our JLR sales estimate by 11.7% for FY10 and 7.7% for
mahantesh.sabarad@centrum.co.in          FY11. This effectively reduces our loss forecast by                        Tata Motors                      (12.3)          64.7       364.0
+91 22 4215 9855
                                         Rs10.2bn for FY10 and by Rs6.2bn for FY11. We have                         NIFTY                              (6.1)          5.3        69.8
Vijay Nara                               raised our target price to Rs407 (earlier Rs241), valuing                  Source: Bloomberg, Centrum Research
vijay.nara@centrum.co.in                 the stock at the same 7.5x EV/EBITDA multiple.                             *as on 29 January 2010
+91 22 4215 9641                         Maintain Sell.
                                    Y/E Mar (Rsmn)                       Q3FY10       Q3FY09         YoY (%)      Q2FY10          QoQ (%)         Q3FY10E            Variance (%)
                                    Net sales                             89,799       47,586           88.7       79,788            12.5           87,733                     2.4
                                    Consumption of raw materials          61,517        35,861                     52,366                           58,136
                                    % of sales                               68.5           75.4     (686) bp         65.6           287 bp            66.3                    224 bp
                                    Employee costs                         4,727          3,709                     4,820                            5,092
                                    % of sales                                5.3            7.8                       6.0                              5.8
                                    Other expenditure                     12,036          7,100                    11,945                           12,966
                                    % of sales                               13.4           14.9                      15.0                             14.8
                                    Operating profit                      11,519            917       1,156.9      10,657               8.1         11,539                      (0.2)
                                    OPM (%)                                 12.8             1.9     1,090 bp        13.4           (53) bp           13.2                    (33) bp
                                    Depreciation and amortisation          2,867          2,154                     2,788                            3,078
                                    Interest                               2,861          1,684                     2,856                            2,308
                                    EBT                                    5,790        (2,922)          NM         5,012                15.5        6,153                       (5.9)
                                    Other income                                2           995                     4,209                            1,712
                                    PBT                                    5,793       (1,926)           NM         9,222            (37.2)          7,865                     (26.3)
                                    Exceptional item (as reported)           242          2,265                       153                                 -
                                    Provision for tax                      1,549        (1,559)                     1,777                            1,223
                                    -effective tax rate                      26.7           80.9                      19.3                             15.6
                                    PAT (reported)                         4,001       (2,633)           NM         7,291            (45.1)          6,642                     (39.8)
                                    Exceptional item (adj-post tax)             -           478                     3,700                              500
                                    PAT (adjusted)                         4,001       (3,111)            NM        3,592              11.4          6,142                    (34.8)
                                    NPM (%)                                   4.5          (6.5)     1,099 bp          4.5           (5) bp             7.0                 (254) bp
                                    Source: Company, Centrum Research

Y/E Mar (Rsmn)              Rev     YoY (%)     EBITDA EBITDA (%)          Adj PAT       YoY (%) Fully DEPS         RoE (%)        RoCE (%)           P/E (x) EV/EBITDA (x)
FY07                     323,612       36.1       41,144          12.7       21,700           37.3         35.3         31.4              20.1           19.7                    10.6
FY08                     356,515       10.2       42,732          12.0       18,997         (12.5)         30.9         23.2              13.8           22.5                    10.4
FY09                     709,389       99.0       21,965           3.1     (34,802)            NM        (56.6)       (48.0)              (4.1)        (12.3)                    31.2
FY10E                    852,146       20.1       58,145           6.8      (7,653)            NM        (12.5)       (10.5)              (0.8)        (55.7)                    13.1
FY11E                    901,862        5.8       64,976           7.2      (3,771)            NM         (6.1)        (4.5)              16.5        (113.1)                    11.4
Source: Company, Centrum Research Estimates

                                   Please refer to important disclosures/disclaimers in Appendix A
    Margin predictably falls
    TML’s 9-quarter high margin of 13.4% reported in Q2FY10 predictably fell in Q3. EBITDA margin in
    Q3 was 12.8%, down 53bp QoQ, but showed a large 1,090bp recovery YoY. The raw material-to-sales
    ratio that had declined 117bp sequentially in Q2, rose 287bp to 68.5% in Q3. This increase was due
    to the rise in commodity prices and the company’s deteriorating product mix. Low-margin products
    such as fully-built buses under the JNNURM scheme and Nano led to a poorer product mix
    composition. The recently introduced Indigo Manza, we believe, too contributed to the margin
    contraction given its highly competitive pricing relative to the product features.
    We foresee a substantial margin contraction in FY11 and have factored 10.7% margin (140bp YoY
    decline) for the company (on a standalone basis) as we foresee material costs to rise substantially
    from here on. The fall in EBITDA would also be contributed by the increase in wage costs that we
    have built post the wage negotiations that are expected to be concluded this year. These
    negotiations happen once in three years.

    Exhibit 1: Margin falls QoQ as raw material                                                         Exhibit 2: EBITDA per vehicle remains firm
    costs rise                                                                                          despite rise in realisations
    (Rsmn)                                                                                        (%)   ('000s)                                                                     ('000s)
                                                                                                         580                                                    71            73       80
    14,000                                                                                        16
                                                                 13.4            12.8                    570
                                                                                                  14                                                   59                             70
    12,000                                    11.4                                                       560                                                                 568      60
                                                                                                  12     550
    10,000
                                                                                                  10     540                         41                                               50
                                8.0
     8,000
                                                                                                  8      530                                                                          40
     6,000                                                                                               520                                                   530                    30
                                                                                                  6
                                                                                                         510                                           520
     4,000                                                                                        4                   9                                                               20
                      1.9                                                                                500                         511
                                                                 10,657




                                                                                  11,519



                                                                                                                                                                                      10
                                5,549




                                               7,280




     2,000                                                                                        2      490
                      917




                                                                                                                          487
                                                                                                         480                                                                          -
           0                                                                                      0
                                                                                                                    Q3FY09         Q4FY09         Q1FY10     Q2FY10        Q3FY10
                 Q3FY09       Q4FY09         Q1FY10            Q2FY10           Q3FY10
                              EBITDA (LHS)             EBITDA Margin (RHS)                                                 Realisation Per veh.(LHS)         EBITDA per Veh.(RHS)


    Source: Company, Centrum Research                                                                   Source: Company, Centrum Research

    Higher bus sales led to a 7.1% QoQ increase in realization per vehicle to Rs567,798. Realizations
    increased 16.5% YoY even though the Nano debuted this year as the proportion of M&HCV sales
    increased. EBITDA per vehicle improved by a mere 2.8% QoQ to Rs72,835. Even after factoring the
    price hikes taken by the company in January, we expect EBITDA per vehicle to shrink to Rs57,409 as
    increased Nano sales would exert a downward pressure on margins. Our margin estimates also
    considers higher raw material prices, higher salaries and increased overheads in FY11.
    Balance-sheet still burdened by large debt
    TML’s balance sheet has been a major cause of concern for us. Since the acquisition of JLR, the
    balance-sheet has weighed down by the huge debt. On a standalone basis, total capital employed
    the end of the current quarter amounted to Rs350bn. This capital employed has a mere net-worth of
    Rs136bn as the company wrote the reserves down with charges related to redemption premium of
    the recently raised NCDs and struggled to make adequate profits. This quarter, the company raised
    equity funds through a GDR issue and shored up its reserves by Rs17.5bn, thereby improving the
    debt/equity ratio to 1.44x from the previous quarters 1.6x.

    Exhibit 3: Growing balance sheet size …                                                             Exhibit 4: … but burdened by debt
     (Rs. bn)                           TML Standalone                                                   (Rs. bn)                                                                      (%)
                                                                                                                                            TML Standalone
     400                                                                                                 220                                                                           1.8
                                                                                      350                                                                       1.6
                                                                                                                                                       1.6
     350                                                         318                                     200                                                                           1.6
                                                                                                                                                                             1.4
                                              292
     300        269                                                                                      180                                                                           1.4
                              264
                                                                                                                     1.1
     250                                                                                                 160                                                                           1.2
                                                                                                                                     1.0
     200                                                                                                 140                                                                           1.0

     150                                                                                    136          120                                                                           0.8
                      120           122                                   116
                                                       109                                                           136             124           170         186           195
     100                                                                                                 100                                                                           0.6
                Q3FY09        Q4FY09        Q1FY10               Q2FY10     Q3FY10                                  Q3FY09        Q4FY09         Q1FY10      Q2FY10        Q3FY10
                            Gross Cap. Empl                         Networth                                                     Net Debt                       Net D/E Ratio


    Source: Company, Centrum Research                                                                   Source: Company, Centrum Research




2
                                                                                                                                                                             Tata Motors
    Estimates revised
    With the RBI announcing a hike in CRR on 29 Jan 2010, we expect the stimulus support by the
    government to be withdrawn in February. This would be in the form of an increase in the excise
    duty rates for vehicles. Such moves would affect TML’s sales and we believe its Q4 sales would be
    unusually low. Accordingly, our net sales estimates have been lowered 0.1% for FY10 and by 3.5%
    for FY11. However, we have raised our JLR sales forecast considering the ongoing recovery in the
    developed world to 11.7% for FY10E and 7.7% for FY11E.
    On a consolidated basis, we have marginally tweaked margin estimates. However, the changes in
    net sales would boost bottom-line. This effectively reduces our loss forecast by Rs10.2bn for FY10E
    and by Rs6.2bn for FY11E. Our FY11 EPS estimate also improves to a loss of just Rs6.1 loss vs the loss
    of Rs29.3 estimated earlier.
    Exhibit 5: JLR volumes raised, losses reduced
    Standalone                                Revised Estimates                                        Earlier Estimates                                % Revision
     Y/E March (Rsmn)                             FY10E                   FY11E                         FY10E                  FY11E                    FY10E        FY11E
    Sales (Nos)                                585,750                   625,887                       586,143               648,871                      (0.1)       93.5)
    Net Sales                                  322,600                   334,689                       314,492               339,371                        2.6       (1.4)
    EBITDA                                      39,064                    35,931                        36,615                37,184                        6.7       (3.4)
    EBITDA (%)                                    12.1                      10.7                          11.6                  11.0                    50 bps     (20) bps
    Adj. PAT                                    13,614                    13,375                         8,652                13,022                      57.4          2.7
    EPS (Rs)                                      22.2                      21.8                          14.1                  21.2                      57.4          2.7


     Consolidated                             Revised Estimates                                        Earlier Estimates                                % Revision
                                                  FY10E                   FY11E                         FY10E                  FY11E                    FY10E        FY11E
    Net Sales                                  852,146                   901,862                       797,969               872,816                       6.8          3.3
    EBITDA                                      58,145                    64,976                         51,083               62,487                      13.8          4.0
    EBITDA (%)                                      6.8                        7.2                           6.4                  7.2                   40 bps        0 bps
    Adj. PAT                                    (7,653)                   (3,771)                      (17,889)               (9,954)                      NM           NM
    EPS (Rs)                                     (12.5)                      (6.1)                        (29.1)               (16.2)                      NM           NM

    Source: Centrum Research Estimates

    Valuations expected to correct; maintain Sell
    TML trades at 10.6 x 1-year forward EV/EBITDA vs 7.5x multiple, a valuation we are comfortable with.
    Our valuation expectation has been based upon the company’s poor balance-sheet coupled with a
    weak outlook on its profitability. The generous valuations seen so far have been a result of a higher
    risk appetite amongst investors. Flush with funds, many investors have ignored the apparent
    balance sheet risk of Tata Motors.
    We expect that with the stimulus support from the government now set to be withdrawn,
    valuations would settle lower in the coming quarters. We have raised the price target to Rs407
    (earlier Rs241), as we roll forward a quarter. We retain our earlier multiple of 7.5x EV/EBITDA and
    maintain Sell.
    Exhibit 6: EV/EBITDA multiple traded very high anticipating fund raising
                      (x)                                                                                                                               (x)
                      6.5                                                                                                                               13

                      5.5                                                                                                                               12
                                                                                                                                                        11
                      4.5
                                                                                                                                                        10
                      3.5
                                                                                                                                                        9
                      2.5
                                                                                                                                                        8
                      1.5                                                                                                                               7
                      0.5                                                                                                                               6
                            Jan-09

                                     Feb-09

                                              Mar-09

                                                       Apr-09

                                                                May-09

                                                                           Jun-09

                                                                                     Jul-09

                                                                                              Aug-09

                                                                                                           Sep-09

                                                                                                                    Oct-09

                                                                                                                             Nov-09

                                                                                                                                      Dec-09

                                                                                                                                               Jan-10




                                                                   P/BV (LHS)                               EV/E (RHS)

    Source: Bloomberg, Centrum Research




3
                                                                                                                                                                  Tata Motors
Financials-Consolidated
Exhibit 7: Income Statement                                                                       Exhibit 9: Cash flow
Y/E March (Rsmn)                 FY07        FY08           FY09        FY10E         FY11E       Y/E March (Rsmn)                   FY07          FY08         FY09          FY10E        FY11E
Sales Volume (incl. JLR)      579,297     582,401       665,447       766,950       817,959       Net cash from operations        (10,852)         70,089    52,949 (31,945)   48,011
% Growth                          27.6           0.5          14.3          15.3            6.7   Net cash from investment        (26,795)       (77,457) (316,194) (99,933) (35,155)
Net Sales                     323,612     356,515       709,389       852,146       901,862       Net CF from financing             35,325         34,158 266,127 138,309 (14,104)
% Growth                          36.1          10.2          99.0          20.1            5.8   Net cash increase/(dec)          (2,322)         26,789     2,882    6,431 (1,247)
Raw Materials                  220,388     243,624       480,556       568,182       601,049
                                                                                                  Source: Company, Centrum Research Estimates
% of Net Sales                    68.1          68.3          67.7          66.7          66.6
Personnel                       24,158      27,452        72,974        93,736        94,245      Exhibit 10: Key Ratios
% of Net Sales                      7.5          7.7          10.3          11.0          10.5    Y/E March                           FY07          FY08       FY09E          FY10E        FY11E
Manufact. & Other Exps.         37,922      42,707       133,893       132,083       141,592      O/s Shares                              385        386          514            544          544
% of Net Sales                    11.7          12.0          18.9          15.5          15.7    Fully Diluted Shares                    614        614          614            614          614
EBITDA                         41,144      42,732         21,965       58,145        64,976       Per share (Rs)
EBITDA Margin (%)                 12.7          12.0            3.1           6.8           7.2   Basic EPS                            39.9          34.9       (64.0)         (14.1)        (6.9)
Depn & Amortn.                   7,731        8,480       28,545        39,553        42,043      Fully diluted EPS                    35.3          30.9       (56.6)         (12.5)        (6.1)
EBIT                            33,413      34,252        (6,580)       18,592        22,933      Book value                          125.7         141.6         96.7         144.4        129.7
Interest Exps.                   4,058        7,431       19,309        24,100        27,344      Valuation
                                                                                                  P/E                                     19.7       22.5       (12.3)         (55.7)      (113.1)
EBT                            29,355      26,822       (25,889)       (5,508)       (4,411)
                                                                                                  P/BV                                     5.5        4.9          7.2            4.8          5.4
Other Income                     1,532        2,675         7,990       10,094          3,147     EV/EBITDA                               10.6       10.4         31.2           13.1         11.4
Extraord. (Inc.)/Exps.                -     (1,376)         3,393       (2,702)               -   EV/Sales                                 1.4        1.2          1.0            0.9          0.8
PBT                            30,887      30,873       (21,293)         7,288       (1,264)      Margin Ratio (%)
Tax-Total                        8,832        8,515         3,358         6,206         3,144     EBITDA Margin                           12.7       12.0           3.1           6.8          7.2
Tax Rate (%) - Total              28.6          27.6        (15.8)          85.2      (248.7)     EBIT Margin                             10.3        9.6         (0.9)           2.2          2.5
Profit after tax               22,055      22,357       (24,650)         1,082       (4,408)      PAT Margin                               6.8        6.3         (3.5)           0.1        (0.5)
Profit sh. Invest.in Assoc.        394          652          (517)         (103)           (66)   Return Ratio (%)
                                                                                                  ROCE                                    31.4       23.2       (48.0)         (10.5)        (4.5)
Sh. of Minority in Profit          742         1323          (115)         (207)         (703)
                                                                                                  ROE                                     20.1       13.8        (4.1)          (0.8)        16.5
Mis. exp.in Subsidiaries              7          10               0             0             0
                                                                                                  Other Ratios
Reported PAT                   21,700      21,677       (25,053)         1,185       (3,771)      Int. coverage ratio (%)                  9.5       16.4         64.5           35.3         40.1
Extraord. items -Adj.                 -     (2,680)       (9,749)       (8,838)               -   Debt-equity (x)                          0.9        1.3          5.9            5.3          5.8
Adjusted PAT                   21,700      18,997       (34,802)       (7,653)       (3,771)      Liquidity ratio (x)                      1.7        1.4          1.0            1.2          1.2
PAT Margin                          6.7          5.3          (4.9)         (0.9)         (0.4)   Other income contrib. (%)                5.0        8.7       (37.5)         138.5       (248.9)
% Growth                          37.3        (12.5)       (283.2)        (78.0)        (50.7)    Dividend Payout (%)                     26.6       30.4        (9.0)         (51.5)      (119.0)
                                                                                                  Asset TO (x)                             2.3        1.9          1.8            1.6          1.7
Source: Company, Centrum Research Estimates
                                                                                                  WC Turnover (days)                      57.4       64.3         15.9           18.1         28.6
Exhibit 8: Balance Sheet
                                                                                                  Source: Company, Centrum Research Estimates
Y/E March (Rsmn)                      FY07       FY08          FY09      FY10E        FY11E
SOURCES OF FUNDS                                                                                  Exhibit 11: Assumptions
Capital                             3,854       3,855        5,141        5,440        5,440      Y/E March                      FY07            FY08         FY09           FY10E        FY11E
Reserves and Surplus               73,363      83,120       54,266       83,251       74,214      Volume (Units)
Shareholders’ Funds                77,217      86,975      59,407       88,690       79,654       CV
Minority Interest                   2,500       4,683        4,030        3,824        3,121      Industry Volume              467,882       486,817        384,122        484,980       489,022
Secured Loans                      44,627      60,119      137,055      158,356      171,408      Growth(%)                       33.3            4.0         (21.1)          26.3            0.8
Unsecured Loans                    28,393      55,730      212,684      316,016      294,191      TML Market Share                63.9          64.4           61.5           62.7          62.0
                                                                                                  TML Volume                   299,173       313,371        265,012        341,526       336,689
Total Loan Funds                   73,019     115,849     349,739      474,373      465,599
                                                                                                  Growth(%)                       39.2            4.7         (15.4)          28.9          (1.4)
Deferred Tax Liab. - Net            8,173       9,745        6,802        5,752        4,602
                                                                                                  PV
 Total Liabilities                160,908     217,252     419,977      572,639      552,976       Industry Volume             1,379,698     1,547,985    1,551,880        1,728,880     1,921,949
APPLICATION OF FUNDS                                                                              Growth(%)                        20.7          12.2           0.3            11.4          11.2
Gross Block                        103,592    129,757   584,694         662,847       691,324     TML Market Share                 16.4          13.9         14.7             14.6          15.1
Accumulated Depn.                 (54,266)   (60,605) (332,691)       (368,592)     (406,728)     TML Volume                    226,893       214,758      199,725          214,642       257,362
Capital WIP                         25,817     59,483   105,330         105,330       105,330     Growth(%)                        20.1          (5.3)        (7.0)              7.5         19.9
Net Fixed Assets                   75,142    128,635 357,333           399,585       389,927      Exports Volume
Investments                        11,746     26,658    12,574          57,090        64,767      Total Exports                53,231         54,272       33,410           29,582       31,836
                                                                                                  Growth(%)                        6.2            2.0       (38.4)           (11.5)          7.6
Goodwill                             4,430      5,662    37,187          36,187        35,187
                                                                                                  Exports CTG                      0.7            0.2        (3.6)            (0.8)          0.4
Translation Difference                   -          -     6,365               -             -     TML Standalone Volume       579,297        582,401      498,147          585,750      625,887
Inventories                         31,669     32,946   101,547         119,711       121,210     Growth(%)                       27.6            0.5       (14.5)             17.6          6.9
Sundry Debtors                      17,022     20,605    48,001          63,435        65,307     JLR Volume                                              167,300          181,200      192,072
Other Current Assets                    63         12        26              19            23     Growth(%)                                                    0.0              8.3          6.0
Cash and Bank Balances              11,543     38,332    41,213          47,644        46,398
Loans and Advances                 102,483    100,778   126,488         202,398       198,533     Source: Company, Centrum Research Estimates
Total Current Assets              162,779    192,674 317,276           433,208       431,469
Current Liabilities                 77,004    113,192   241,026         273,306       281,642
Provisions                          16,304     23,254    70,592          80,984        87,593
Total Current Liab.                93,308    136,446 311,618           354,291       369,234
Net Current Assets                 69,471     56,228      5,658         78,917        62,235
Misc. Expenditure                      119         69       861             861           861
Total assets                      160,908    217,252 419,977           572,639       552,976
Source: Company, Centrum Research Estimates




                                    4
                                                                                                                                                                                       Tata Motors
Appendix A
Disclaimer
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policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances




                                     5
                                                                                                                                                                                    Tata Motors
T. S. Baskaran                 Managing Director & CEO                                ts.baskaran@centrum.co.in                    91-22-4215 9620/87
Sanjeev Patni                  Head - Institutional Equities                          sanjeev.patni@centrum.co.in                     91-22-4215 9699

Research
Dhananjay Sinha                Economist               Economy & Strategy             dhananjay.sinha@centrum.co.in                       91-22-4215 9619
Niraj Shah                     Sr Analyst              Metals & Mining, Pipes         niraj.shah@centrum.co.in                            91-22-4215 9685
Mahantesh Sabarad              Sr Analyst              Automobiles/Auto Ancillaries   mahantesh.sabarad@centrum.co.in                     91-22-4215 9855
Madanagopal R                  Sr Analyst              Infra, Power, Capital Goods    r.madanagopal@centrum.co.in                         91-22-4215 9684
Abhishek Anand                 Analyst                 Telecom, Education, Hotels     a.anand@centrum.co.in                               91-22-4215 9853
Adhidev Chattopadhyay          Analyst                 Real Estate                    adhidev@centrum.co.in                               91-22-4215 9632
Ankit Kedia                    Analyst                 Media, FMCG                    ankit.kedia@centrum.co.in                           91-22-4215 9634
Manish Kayal                   Analyst                 Infrastructure                 manish.kayal@centrum.co.in                          91-22-4215 9313
Nitin Padmanabhan              Analyst                 Technology                     nitin.padmanabhan@centrum.co.in                     91-22-4215 9690
Pranshu Mittal                 Analyst                 Food & Bev, Sugar & Retail     p.mittal@centrum.co.in                              91-22-4215 9854
Rajan Kumar                    Analyst                 Cement                         rajan.kumar@centrum.co.in                           91-22-4215 9640
Rajagopal Ramanathan           Analyst                 Banking & Financial Services   rajagopal.ramanathan@centrum.co.in                  91-22-4215 9644
Rohit Ahuja                    Analyst                 Oil & Gas                      rohit.ahuja@centrum.co.in                           91-22-4215 9636
Saikiran Pulavarthi            Analyst                 Banking & Financial Services   saikiran.pulavarthi@centrum.co.in                   91-22-4215 9637
Siddhartha Khemka              Analyst                 Logistics                      siddhartha.khemka@centrum.co.in                     91-22-4215 9857
Sriram Rathi                   Analyst                 Pharmaceuticals                s.rathi@centrum.co.in                               91-22-4215 9643
Amit Sinha                     Associate               Power, Capital Goods           amit.sinha@centrum.co.in                            91-22-4215 9927
Janhavi Prabhu                 Associate               Food & Bev, Sugar, Retail      janhavi.prabhu@centrum.co.in                        91-22-4215 9864
Jatin Damania                  Associate               Metals & Mining, Pipes         jatin.damania@centrum.co.in                         91-22-4215 9647
Komal Taparia                  Associate               Economy & Strategy             komal.taparia@centrum.co.in                         91-22-4215 9195
Rahul Gaggar                   Associate               Hotels, Healthcare             rahul.gaggar@centrum.co.in                          91-22-4215 9683
Sarika Dumbre                  Associate               Telecom                        sarika.dumbre@centrum.co.in                         91-22-4215 9194
Shweta Mane                    Associate               Banking & Financial Services   shweta.mane@centrum.co.in                           91-22-4215 9928
Vijay Nara                     Associate               Automobiles/Auto Ancillaries   vijay.nara@centrum.co.in                            91-22-4215 9641
Vishal Desai                   Associate               Technology                     vishal.desai@centrum.co.in                          91-22-4215 9930

Sales
V. Krishnan                                            +91-22-4215 9658               v.krishnan@centrum.co.in                            +91 98216 23870
Ashish Tapuriah                                        +91-22-4215 9675               ashish.tapuriah@centrum.co.in                       +91 99675 44060
Ashvin Patil                                           +91-22-4215 9866               ashvin.patil@centrum.co.in                          +91 98338 92012
Siddharth Batra                                        +91-22-4215 9863               s.batra@centrum.co.in                               +91 99202 63525


Centrum Securities (Europe) Ltd., UK
Dan Harwood                    CEO                     +44-7830-134859                   dan.harwood@centrum.co.in
Michael Orme                   Global Strategist       +44 (0) 775 145 2198              michael.orme@centrum.co.in


Centrum Securities LLC, USA
Melrick D’Souza                                        +1-646-701-4465                melrick.dsouza@centrumsecurities.com



                                                   Key to Centrum Investment Rankings
Buy: Expected outperform Nifty by>15%, Accumulate: Expected to outperform Nifty by +5 to 15%, Hold: Expected to outperform
    Nifty by -5% to +5%, Reduce: Expected to underperform Nifty by 5 to 15%, Sell: Expected to underperform Nifty by>15%


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           Investor Grievance Email ID: investor.grievances@centrum.co.in




                           6
                                                                                                                                               Tata Motors

								
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