After the release of Jaguar Land Rover sales figures for the quarter ending in March 2023, shares of Tata Motors surged 2.61 percent in Thursday trading.
Tata Motors said in a regulatory filing that its wholesale volumes for the March quarter amounted to 94,649 units (excluding the Chery Jaguar Land Rover China joint venture), an increase of 24 percent compared to the same period in the previous fiscal year and 19 percent compared to the December quarter.
Abroad, which provided 62% of the increase, was followed by the United Kingdom, which contributed 24%. During Europe. China and North America each recorded 22%, 17%, and 2%.
Retail sales for the March quarter went up by 30 percent from the same time last year to 102,889 vehicles. This number includes the joint venture between Chery Jaguar Land Rover China and Land Rover.It increased by 21% sequentially.
During the fiscal year ending March 31, 2023, JLR’s wholesale sales (excluding the China joint venture) were 321,362 units, an increase of 9%, while retail sales totaled 354,662 units, a drop of 6%.
32,950 Range Rover and Range Rover Sport vehicles were sold at wholesale during the quarter, up from 28,000 in the previous quarter.
“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,” said Tata Motors in the filing.
At the conclusion of the quarter, around 200,000 customer orders remained in the order book. Demand for the Range Rover, Range Rover Sport, and Defender constituted 76% of the order book.
“JLR expects to report results for the fourth quarter and full year ended 31 March 2023 in May 2023. On a preliminary basis, free cash flow is estimated to be over £800 million positive in the fourth quarter and over £500 million positive for the full year, based on a preliminary estimated cash balance of over £3.7 billion and net debt of around £3.0 billion,” said the filing.