JLR announces second quarter sales numbers; posts 29% growth in wholesale volumes

Jaguar Land Rover, popularly known as JLR, the UK-based luxury brand of Tata Motors, reported its sales numbers for the second quarter of the current financial year on October 5, 2023.

According to the details, the company reported an increase in sales volumes for the second quarter of FY24 (July to September 2023). The company mentioned in the press release that continued improvement in supply allowed it to deliver more vehicles to clients.

During the second quarter, wholesale unit sales amounted to 96,817 units, excluding the Chery Jaguar Land Rover China Joint Venture. This figure reflects a 29% increase compared to the same quarter of the previous year and a 4% rise compared to the quarter ending on June 30, 2023, despite the annual two-week summer plant shutdown. For the first half of the financial year, wholesale unit sales totalled 1,90,070, marking a 29% increase from the previous year.

During the same period, JLR’s retail sales reached 106,561 units, including the Chery Jaguar Land Rover China Joint Venture, which represents a 21% increase compared to the corresponding quarter of the previous year. Retail sales exhibited year-on-year growth in all regions, with overseas sales rising by 56%, North American sales by 32%, European sales by 16%, UK sales by 9%, and China by 7%.

Furthermore, the order book continues to reflect strong demand for our products, with 168,000 client orders at the end of the second quarter, a decrease from 185,000 at the end of the first quarter, as expected, due to increased order fulfilment, as mentioned in the press release. Demand for Range Rover, Range Rover Sport, and Defender remained strong, making up 77% of the order book.

Moreover, JLR also mentioned that it will release its complete financial results for Q2 FY24 in early November. Based on preliminary cash balances, JLR currently anticipates achieving a positive free cash flow of approximately 300 million Pound in Q2 FY24.

The shares of Tata Motors opened the day at Rs 619.45 per share and concluded the day up by nearly 1% at Rs 619.55 per share on the BSE.

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