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We interacted with the management of Tata Motors Ltd. to get an update on the demand scenario, the state of the global supply chain, Jaguar Land Rover’s path to sustainable growth, and the outlook for its India commercial vehicle/passenger vehicle businesses.
For JLR, supplies are gradually improving and demand is healthy. As supplies improve, JLR should reach near the zero net debt level by FY25, aided by improved production, better margins and working capital release.
JLR will structurally continue its journey from being a premium brand to a premium luxury brand by focusing on its brand pull strategy and redefining Jaguar with premium positioning in the era of electric vehicles with new launches starting from CY25.
While its India businesses are already on a sustainable growth path, JLR is turning the corner and would be the key driver of the stock.
Further, the monetization of its stake in Tata Technologies (possible value of Rs 25-47/share for Tata Motors) could also act as a catalyst for the stock.
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