Tuesday, 13 November, 2018

Velar peps up JLR sales

For Jaguar Land Rover China is its top market followed by North America and the UK For Jaguar Land Rover China is its top market followed by North America and the UK
Kenny Thornton | 09 November, 2017, 19:10

Tata Motors' income from operations for the quarter rose about 9% to Rs70,156 crore.

Net profit for the quarter ended September came in at Rs2,483 crore ($382.10 million), versus Rs828 crore a year ago.

This hurtled past analysts' expectations of 15 billion rupees, according to Thomson Reuters data. Interestingly, Tata Motors has managed to halve its losses at its local unit to Rs 296 crore in the second quarter of fiscal 2018 from Rs 631 crore a year ago.

This helped the company book an operating margin of 11.8 per cent and Ebit margin of 5.2 per cent in the quarter.

JLR helped owner Tata Motors race to a near three-fold rise in profit for the quarter to 30 September.

Meanwhile, Jaguar Land Rover retail sales grew 5.1 percent to 149,690.

Jaguar Land Rover (JLR), which has been driving Tata Motors' profits for several years, expects sales in the UK and United States to soften because of competition but is confident of growth in China, JLR CEO Ralf Speth told reporters in Mumbai.

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The sales (including exports) of commercial and passenger vehicles stood at 152,979 units in Q2FY18, a growth of 13.8%, as compared to Q2FY17, with an impressive growth across segments - 28% in MHCV, 35% in ILCV, 38% in SCV and pick-ups. With the company's turnaround plan in full action, it is seeing encouraging results and it will continue to drive sustainable profitable growth to meet its future aspirations, Butschek said.

Retail sales of its Jaguar saloons and Land Rover sport-utility vehicles were up 5 percent on the same quarter previous year, as an increase in sales in China helped offset lower United Kingdom sales. Tata Nexon, the newly launched compact SUV has received overwhelming response from the market and added to the positive excitement.

As part of the company's ongoing product offensive, manufacturing expansion and new technology programme, Jaguar Land Rover's investment spending was more than £1 billion in the second quarter.

JLR, the largest auto maker in Britain, invested over 1 billion pound in the quarter and for the full year it is expected to exceed 4 billion pounds.

Speth concluded: "Our product portfolio continues to excite and surprise".

The firm said strong customer demand for Range Rover Velar and other new models led to higher sales and higher profitability.

Domestic revenue (net of excise) rose 30% to ₹13,400 crore.

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