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Tata Motors: JLR sales in Q4 rise as chip supply continues to recover

Tata Motors also said that it expects free cash flow to be over 800 million pounds ($996.48 million) for the fourth quarter and over 500 million pounds for the full year.

April 06, 2023 / 05:45 PM IST
JLR

JLR's retail sales for the fourth quarter were 102,889 units (including the Chery Jaguar Land Rover China joint venture), up 21 percent from the prior quarter ending 31 December 2022

 
 
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Tata Motors-owned luxury carmaker Jaguar Land Rover (JLR) on April 6 said that it saw increased sales for the quarter that ended March 31, 2023, and for the full financial year, "reflecting a continuation of the gradual improvement in chip and other supply constraints."

Retail sales for the fourth quarter were 102,889 units (including the Chery Jaguar Land Rover China joint venture), up 21 percent from the prior quarter ending 31 December 2022 and up 30 percent from the same quarter last fiscal, Tata Motors said in a regulatory filing.

Moreover, JLR's wholesale volumes for Q4FY23 were 94,649 units, an increase of 19 percent over the last quarter and 24 percent over a year-ago period. The automaker also stated that compared to the prior year, wholesale volumes were higher in all markets led by overseas (62 percent), UK (24 percent), Europe (22 percent), China (17 percent), and North America (2 percent).

Apart from this, Tata Motors also said that it expects free cash flow to be over 800 million pounds ($996.48 million) for the fourth quarter and over 500 million pounds for the full year.

For the full year ended 31 March 2023, wholesales (excluding China joint venture) were up 9 percent to 321,362 units, and retails were down 6 percent to 354,662 units.

The country's auto major also said that its Range Rover and Range Rover Sport production volumes continued to increase with 32,950 units wholesales in the quarter, up from 28,000 in Q3FY23. "Defender wholesale volumes increased to 27,513 units as JLR continued to operate a third shift at the Nitra plant, up from 23,816 in Q3," it added.

The order book remained strong with about 200,000 client orders at quarter end, about 15,000 lower than 31 December 2022, reflecting the higher retails this quarter. Range Rover, Range Rover Sport, and Defender demand remain particularly strong, representing 76 percent of the order book, it said.

JLR expects to report results for the fourth quarter and full year ended 31 March 2023 in May 2023.

Meanwhile, shares of Tata Motors on Thursday (April 6) closed 2.61 percent higher at Rs 437.55 apiece on BSE on a day when the Indian stock markets logged gains for a second consecutive week, aided by real estate and financials stocks, after the Reserve Bank of India, in a surprising decision, kept its key policy rate unchanged.

The Nifty 50 ended 0.24 percent higher at 17,599.15 and the S&P BSE Sensex rose 0.24 percent at 59,832.97. Indian markets will be shut tomorrow (April 7) on account of Good Friday.

Moneycontrol News
first published: Apr 6, 2023 05:45 pm

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