Tata Motors’ Record High as JLR India Reports Stellar H1 Performance

Tata Motors' Record High as JLR India Reports Stellar H1 Performance

VoM News Desk | October 13, 2023 | 05:41 PM IST | Breaking News | Follow on Google News

Tata Motors’ Record High as JLR India Reports Stellar H1 Performance

Tata Motors’ Record High as JLR India Reports Stellar H1 Performance

In a significant development for auto major Tata Motors, the company’s subsidiary, Jaguar Land Rover (JLR) India, has reported an exceptional performance in the first half of the financial year 2023-24 (FY24), propelling Tata Motors’ stock to a new record high.

JLR India achieved a remarkable year-on-year (YoY) surge of over 97 percent in total sales for the period spanning April to September, reaching 2,356 units, a significant leap from the 1,194 units recorded in the same period the previous year.

The news sent Tata Motors’ stock price soaring by as much as 4.4 percent, reaching an all-time high of ₹665.50. This surge marks an impressive gain of over 77 percent from its 52-week low of ₹375.50, which was noted on December 26, 2022. In the past year, Tata Motors’ stock has advanced by more than 60 percent and has registered an outstanding 71 percent growth year-to-date in 2023, delivering positive returns in 8 out of the 10 months thus far. In October alone, it has recorded a 5.5 percent increase.

Comparatively, the Nifty Auto index managed an approximately 30 percent growth over the last year as well as in the year-to-date 2023. This noteworthy performance in the first half of FY24 can be attributed to record sales in both quarters, with the September quarter (Q2FY24) alone witnessing an impressive 108 percent YoY growth at 1,308 units. This followed a remarkable 102 percent sales growth reported in Q1 on a yearly basis.

JLR India’s Managing Director, Rajan Amba, stated, “The consistent growth in our order book exemplifies the growing strength of our brand and products in the hearts of Indian consumers. The company would continue to introduce new products that are best suited to meet the discerning needs of customers and invest in strengthening brand desire and client experience.”

The company also revealed that its order book for FY24 has seen a consistent growth of 90 percent YoY in the first half, with strong demand for Range Rover, Range Rover Sport, and Defender models, contributing to 72 percent of the total order book. Notably, Defender emerged as the best-selling model, with sales of 1,000 units in the first half of this fiscal year.

Furthermore, Tata Motors mentioned that its certified pre-owned business has experienced remarkable growth, with an 83 percent increase in the first half of FY24.

Tata Motors’ overall performance in September demonstrated a 2 percent YoY increase in total domestic sales, with a 12 percent YoY growth in total commercial vehicle sales and a 6 percent YoY decline in passenger vehicle sales in the domestic market. However, electric vehicle sales, including international markets, saw substantial growth, registering a 57 percent increase.

Tata Motors’ stock has been delivering a robust return of 48.73 percent over the last six months, outperforming the benchmark Nifty50, which posted a return of 12.88 percent over the same period.

VoM News Desk

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