CLSA forecasts that JLR and India CV business would recover in FY2022 with paseenger vehicles business continuing to be a drag Amid expectations that the covid outbreak will depress automobile sales this financial year, homegrown vehicle manufacturer Tata Motors Ltd, India business has no equity value, according to a report by brokerage firm CLSA. “We assign zero equity value to (Tata Motors’) India business," the brokerage said, citing the company’s rising net debt levels, covid-19 related disruptions and little hope of recovery in the commercial and passenger vehicle segments.
Tata Motors’ luxury car unit Jaguar Land Rover (JLR) is the only driver of its valuation, the report said. Revenues from JLR contributed 79% of Tata Motors’