Tata Motors shares slump on JLR concerns
The company also said that the capex for FY’14 could increase from £2 billion earlier to £2.75 billion. The shares have fallen by 10.5 per cent over the last four trading sessions.
While the company has projected higher revenues for JLR for the quarter ended December 2012, it has also listed out the stress factors.
“EBITDA is likely to be in the region of levels reported for the previous two quarters and EBITDA margin is likely to be slightly lower than in the previous two quarters, primarily reflecting less favorable exchange rates, the ongoing effect of a higher mix of Evoque sales and other factors,” said the company in a trading update on its website.
Research houses are saying that the problem for the company may spill over to FY’14 on the back of an adverse currency movement and a weak product mix.
Tata Motors has, however, maintained that it will continue to target funding most of its capital spending out of operating cash flow.
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