Tata Motors shares hit record high on JLR's best-ever performance in H1FY24; sales surge 97%
Tata Motors jumped over 4 percent to their record high on Friday after the company's arm Jaguar Land Rover (JLR) India reported its highest-ever performance in the first half of financial year 2023-24 (FY24). The company posted an over 97 percent year-on-year (YoY) jump in its total sales for April-September at 2,356 units from around 1,194 units in the same period last year. The stock rose as much as 4.4 percent to its all-time high of ₹665.50.
It has advanced over 77 percent from its 52-week low of ₹375.50, hit on December 26, 2022. The auto major has surged over 60 percent in the last 1 year and over 71 percent in 2023 YTD, giving positive returns in 8 of the 10 months so far. It has added 5.5 percent in October so far.
In comparison, the Nifty Auto index added around 30 percent in the last 1 year as well as in 2023 YTD. This growth in the first half of FY24 was driven by record sales in both quarters. Meanwhile, the September quarter (Q2FY24) also witnessed a massive 108 percent growth YoY at 1,308 units.
It had previously reported a 102 percent sales growth in Q1 on a yearly basis. "The consistent growth in our order book exemplifies the growing strength of our brand and products in the hearts of Indian consumers. The company would continue to introduce new products that are best suited to meet the discerning needs of customers and invest in strengthening brand desire and client experience," said JLR India Managing Director Rajan Amba.
The firm also informed that its order book for FY24 has seen consistent growth, with the first half closing higher by 90 percent YoY. Range Rover, Range Rover Sport and Defender continue to witness strong demand, contributing to 72 percent of the total order book, noted JLR. Defender
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