Tata Motors Q1 update: JLR wholesales rise 30% YoY to 93,253 units

economictimes.indiatimes.com:

Tata Motors on Friday said its arm JLR's (Jaguar Land Rover) wholesales (excluding China JV) rose 30% year-on-year (YoY) to 93,253 units for the first quarter ended June 2023. Meanwhile, retail sales increased by 29% YoY to 1.01 lakh units. The company said JLR's order book remains strong at 185,000 units, reflecting strong client demand.

The demand for Range Rover, Range Rover Sport and Defender is said to be particularly robust, representing 76% of the order book. The strong sales growth for the first quarter was on the back of continued improvement in chip and other supply constraints, the company said in a filing. The wholesales were slightly lower, down 1%, when compared with the preceding March quarter, due to shipping schedules.

However, production was up quarter-on-quarter (QoQ). Meanwhile, retail sales were broadly flat QoQ. Compared to the prior year period, retail volumes were higher in the overseas (up 83%), North America (up 42%), China (up 40%) and UK (up 6%) regions, while flat in Europe.

Model-wise, retail sales were strong for the company's three most profitable models — Range Rover (up 199%), Range Rover Sport (up 42%) and Defender (up 90%). JLR will report its full financial results for the first quarter later in July. Based on preliminary cash balances, the luxury carmaker expects to report positive free cash flow of over £400 million in the quarter.

Meanwhile, Tata Motors has informed the exchanges that it will announce its first quarter results on July 25. For the first quarter, Tata Motors' total domestic sales were down 2% to 2.22 lakh units, compared with 2.25 lakh units a year ago. The total CV sales during the quarter were also down 15% at 85,795 units for the quarter ended June.