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

Shares of Tata Motors Limited rose more than one percent to hit a 52-week high of Rs 639.50 as of 9:20 a.m. on July 25, with seven thousand shares traded on the NSE. The company’s wholly-owned subsidiary, Jaguar and Land Rover (JLR) India, reported its best-ever first quarter revenue, up 102%.
The company recorded a 209% growth in sales of the Range Rover, Range Rover Sport and Defender. “All three models continue to see strong demand, contributing 78% of the current backlog,” JLR India said in a statement. The new Range Rover and Range Rover Sport models will be introduced in the second half of 2022-2023. Due to strong demand for these vehicles, backlogs in the first quarter of fiscal 2024 increased by 88% year-on-year (YoY), the company said. During the June quarter of 2023, Jaguar Land Rover (JLR) saw a 30% increase in global wholesale sales, reaching a total of 93,253 units (excluding China Joint Venture). This growth was complemented by a 29% increase in retail sales year-on-year to a total of 101,994 units. The increase in sales was attributed to an improved supply of microchips and an overall improvement in supply constraints. However, compared to the previous quarter ending in March 2023, wholesale sales decreased slightly by 1%, mainly due to shipping schedules. For the first quarter, the JLR vertical is expected to see healthy volume growth of about 30% year-over-year, Nomura Equities said. Retail sales are expected to hit 1,02,000, up 29% year-over-year. “We expect JLR to focus on profitable products rather than ramping up volume and also less on loss-making internal combustion engine (ICE) Jaguars.”

Tata Motors will release first-quarter results on July 25.