Tata Motors said JLR revenues rose 35.9 per cent YoY to 5,260 million pounds and its Ebitda margin came in at 10.3 per cent. Tata Passenger Vehicles and Tata Commercial Vehicles reported YoY growths of 71 per cent and 35.9 per cent, respectively.
JLR revenues, Tata Motors said, were led by strong model mix and pricing, with wholesale volumes (excluding China JV) of 75,307 up 17.6 per cent YoY.
“The wholesale increase was lower than planned, primarily due to a lower-than-expected supply of specialised chips from one supplier which could not be readily re-sourced in the quarter. The production ramp up of New Range Rover and New Range Rover Sport improved with 13,537 units wholesaled in the quarter, up from 5,790 in Q1 and helped mitigate this,” it said.
Jaguar Land Rover is continuing to focus on signing long term partnership agreements with chip suppliers, which is improving visibility of future chip supply, Tata Motors said.
Production and sales volumes are expected to improve with positive profit margins and cashflow expected in the second half of FY23 and free cashflow is expected to be near breakeven for the full financial year, it said.
“Demand for our most profitable and desired vehicles remains strong and we expect to continue to improve our performance in the second half of the year, as new agreements with semiconductor partners take effect, enabling us to build and deliver more vehicles to our clients,” JLR CEO Thierry Bolloré said.
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