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

“Looking ahead, the promising monsoon and continuing infrastructure thrust by the government augur well for the CV industry, even as it faces the headwinds of high interest rates, fuel prices and inflation,” said Girish Wagh, Executive Director, Tata Motors.

For the passenger vehicle segment, sales were up 8% YoY, led by new SUV and EV launches.

In the EV segment, the company posted its highest-ever quarterly sales of 19,346 in Q1 FY24 registering a growth of 105% over Q1 FY23.

Following the Q1 update, Tata Motors shares jumped to a fresh 52-week high of Rs 624.65 on BSE. The stock closed the day up 3.5% at Rs 621.90.