JLR clocks £400 mn free cash flow in Q1
NEW DELHI : Jaguar Land Rover (JLR), the luxury auto arm of Tata Motors Ltd, on Friday said it expects to report free cash flow to cross £400 million in the June quarter. To be sure, JLR had shared guidance that it expects to generate £2 billion for the fiscal. The Coventry-based maker of luxury SUVs like Range Rover, Discovery and Discovery said sales during the first quarter of the financial year 2024 improved significantly on the back of a continuous improvement in chip and other supply constraints.
JLR reported that wholesales for Q1FY24 reached 93,253 units, an increase of 30% compared to the same period in FY23, excluding the Chery Jaguar Land Rover China JV. Although wholesales were slightly lower (down 1%) compared to the previous quarter ending on 31 March, 2023 due to shipping schedules, production witnessed a quarter-on-quarter increase, the company said. Retail sales for the first quarter of FY24 showed a similar surge, with 101,994 units sold, representing a 29% increase compared to Q1FY23.
Retail volumes remained steady (down 1%) compared to the previous quarter, ending March 31st, 2023. JLR highlighted that compared to the previous year, retail volumes showed substantial growth in overseas markets (up 83%), North America (up 42%), China (up 40%), and the UK (up 6%), while remaining flat in Europe. Among the models, the Range Rover experienced a significant surge of 199% in retail sales compared to the same quarter of the previous year.
The Range Rover Sport also witnessed an increase of 42%, and the Defender saw a remarkable 90% rise in sales. JLR’s order book now stands at 185,000 units at the end of the quarter, reflecting strong demand, down from 200,000 pending orders compared to March 2023. The Range
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