>TATA MOTORS: Result Update Q4 FY10 (IIFL)

■ Consolidated net sales rose 84.6% yoy driven sharp improvement in JLR performance

■ JLR continues to report profit at bottomline level on back of robust operational performance

■ Strong standalone performance on back of robust growth in volumes and improved realizations

■ Standalone margins were under pressure on account of raw material pressures

■ Maintain BUY as we see continued recovery in consolidated financial performance

■ Sharp down turn in volumes from either Europe or US could be a key headwind

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