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Tata Motors reported a widening of its losses in Q2 to INR 44bn ($590mn) vs. a loss of INR 3bn ($40mn) during the same period last year. Its revenues rose 14.7% to INR 613bn ($8.2bn) with JLR revenues falling 11% YoY to £3.9bn ($5.3bn) while its Indian unit Tata Motors Ltd. (TML) saw a 91% jump in revenues to INR 184bn ($2.5bn). JLR’s unit sales were down owing to the semiconductor shortage and lower retailer inventories. However, JLR’s free cash outflow was £664mn ($906mn), significantly better than guidance for a £1bn ($1.37bn) outflow. Regarding TML, its EV business recorded nearly three-fold growth and recorded highest monthly and quarterly sales of 1,078 units and 2,704 units respectively. Tata Motors gave positive outlook saying that demand is strong for JLR and passenger vehicles while commercial vehicle demand is expected to rise gradually.

Tata Motors’ USD 5.75% 2024s were stable at 106.16, yielding 3.56% and JLR’s USD 5.5% 2029s were trading steady at 96.94, yielding 6%

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