Tata Motors' JLR free cash flow seen at £400 million in Q1FY24

livemint.com:

New Delhi: Jaguar Land Rover (JLR), Tata Motors' luxury auto arm on Friday said it expects to report free cash flow for the April - June quarter to cross £400 million, the company said in a press release. 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 March 31st, 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.