Tata Motors hits 52-week high as JLR India reports record Q1 sales

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July 25, 2023
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The new models of Range Rover and Range Rover Sport were introduced in the second half of 2022-23. The company said that due to substantial demand for these vehicles, their order book for the first quarter of the financial year 2024 has increased by 88 percent.

Tata Motors Limited shares gained more than one percent to scale a 52-week high of Rs 639.50 at 9:20 am on July 25, with seven lakh shares changing hands on the NSE. The company’s wholly-owned subsidiary Jaguar and Land Rover (JLR) India reported the best-ever first-quarter sales figure clocking a growth of 102 percent.

The company recorded a 209 percent growth in the Range Rover, Range Rover Sport, and Defender sales. “The three models continue to see sustained demand, contributing 78 percent of the current order book, ” JLR India said in a statement.

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The new models of Range Rover and Range Rover Sport were introduced in the second half of 2022-23. The company said that due to substantial demand for these vehicles, their order book for the first quarter of the financial year 2024 has increased by 88 percent compared to the previous year (YoY).

In the June quarter of 2023, Jaguar Land Rover (JLR) witnessed a 30 percent increase in global wholesales, reaching a total of 93,253 units (excluding China JV). This growth was complemented by a 29 percent year-on-year rise in retail sales, totalling 101,994 units. The boost in sales was attributed to an improved supply of electronic chips and an overall improvment in supply constraints.

However, when compared to the previous quarter ending in March 2023, wholesales experienced a slight decline of one percent, primarily due to shipping schedules.

In the first quarter, the JLR vertical is expected to report a healthy volume growth of about 30 percent annually, Nomura Equities said. Retail sales are seen coming at 1,02,000, up 29 percent year-on-year. “We expect JLR to focus on profitable products rather than on push volumes and also to focus less on loss-making internal combustion engine (ICE) Jaguar.”

Tata Motors will announce its first quarter results on July 25.

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