by 300bps margin expansion over FY2225E led by fading commodity inflation, operating leverage It believes that the stock will trade at a premium to its historic PE given its revamped SUV business with success in premium UV segment, improved capital allocation strategy as it moves closer to 18 RoE targets It recommends BUY with a target price of Rs 1500 at 18x core Sep24E EPS Rs 280 for subsidiaries at 30 holdco discount
Published in The Economic Times (20.10.2022)