Improving JLR outlook, margin expansion targets positives for Tata Motors

Margin expansion targets for all units, debt reduction are other positives

Tata Motors’ 2022-23 (FY23) January-March quarter (fourth quarter, or Q4) results were better than Street estimates, with strong showing across Jaguar Land Rover (JLR), as well as commercial and passenger vehicle businesses in the domestic market. The company posted its highest consolidated top line and operating profit, with growth of 35 per cent and 46.5 per cent, respectively, over the year-ago quarter.

While the top line was aided by a 49 per cent growth in the JLR unit, all key segments reported margin expansion. JLR accounts for over 80 per cent of the consolidated revenue. Given good Q4 showing, improving