For FY13, Tata Motors has achieved volumes of 372,062 units from its JLR arm—largely in line with estimates, says Nomura Equity Research in its Quick Note
JLR’s (Jaguar Land Rover) wholesale volumes came in at 42,682 units in March 2013; up 17% year-on-year. This was largely in line with the expectation of 42,000 units. Land Rover volumes were 35,061 units, up 13% year-on-year, while Jaguar volumes were up 43% at 7,621 units. For FY13, JLR has achieved volumes of 372,062 units–largely in line with estimates. Nomura Equity Research in its Quick Note is building around 415,000 units in FY14F (up 12% year-on-year), led by strong growth in China. The brokerage does not expect the Tata Motors’ stock to react significantly to these numbers.
China volumes were up 22% year-on-year, while volumes in UK and Europe were up 11-14% in March 2013. Volume growth in North America was little slow and it increased by 6% y-o-y. In terms of model performance, Evoque volumes were strong at around 15,500 units and volumes of the new Range Rover picked up to around 5,400 units in March 2013 (around 3,300 units in February 2013). Volumes for Freelander increased by 46% year-on-year to 8,600 units. Jaguar XF volumes were up 42% year-on-year in March 2013. Volumes for Defender, Discovery and Range Rover Sport declined by 5%-14% year-on-year.
The summary of sales performance of JLR’s vehicles is given below:
Further, the model-wise sales performance of JLR’s vehicles in the market is given below:
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