Tata Motors surged 6.32% to Rs 414 after the auto major said that Jaguar Land Rover (JLR) recorded a 15% growth in wholesales to 79,591 units in Q3 FY23 over Q3 FY22.
Wholesale volumes rose 5.7% sequentially, with a significant increase in New Range Rover and New Range Rover Sport production, reflecting gradual improvement in chip supplies.Compared to the prior quarter, wholesale volumes were higher in North America (+17%), UK (+13%) and Overseas (+10%) and lower in China (-13%) and Europe (-3%). Volumes in China were impacted by COVID, said the company.
The production ramp up of New Range Rover and New Range Rover Sport continued with 27,456 units wholesaled in the quarter, up from 13,537 in Q2.
Retail sales for the third quarter were 84,827 units, up 5.9% YoY but down 3.7% QoQ, reflecting timing between retails and wholesales, the company stated.
The company said that it continued to see strong demand for its vehicles. As at 31 December 2022, the total order book increased to 215,000 client orders, up around 10,000 orders from 30 September 2022. Demand for the New Range Rover, New Range Rover Sport and Defender remain strong and represent 74% of the order book.
The auto major added that free cash flow is likely to be over Euro 400 million positive in the quarter, on a preliminary basis. In December 2022, the company completed a renewal of its undrawn revolving credit facility with 23 banks at Euro 1.45 billion with the maturity date extended from March 2024 to April 2026.
JLR is owned by Tata Motors, a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
Meanwhile, The Tata Motors Group global wholesales in Q3 FY23, including Jaguar Land Rover, were at 3,22,556 units, higher by 13%, as compared to Q3 FY22.
Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in the third quarter was at 97,956 units, lower by 5% YoY. Global wholesales of all passenger vehicles in Q3 FY23 stood at 2,24,600 units, higher by 23% as compared to Q3 FY22.
During the quarter, Global wholesales for Jaguar Land Rover was 92,345 vehicles (JLR number for Q3FY23 includes CJLR volumes of 12,754 units). Jaguar wholesales for the quarter were 16,275 vehicles, while Land Rover wholesales for the quarter were 76,070 vehicles.
The company reported consolidated net loss of Rs 944.61 crore in Q2 FY23 as against Rs 4,441.57 crore in Q2 FY22. Net sales jumped 30.5% to Rs 78,846.92 crore in Q2 FY23 as compared to Rs 60,435.92 crore in Q2 FY22.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
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