Tata Motors' JLR Q3 Wholesales At 101,000 Units: Motilal Oswal

Motilal Oswal Report

Wholesale volumes grew 27% YoY and 4% QoQ

Jaguar Land Rover’s wholesale volumes (excluding-China joint venture) grew 27% YoY/4% QoQ to 101,000 units (estimate 100,000 units). 9M FY24 wholesales grew 28% YoY to 291,100 units.

The company did not share a breakup between Jaguar and Land Rover wholesales. Wholesales for Rolls Royce Sport/RR/Defender grew 49%/12%/14% YoY.

Retail volumes (including China JV) up 29% YoY/2% QoQ.

Q3 retails grew 29% YoY (+2% QoQ) to 109,100 units, while 9MFY24 retails increased by 26% to 317,700 units.

Retails were higher in all the markets, with strong growth witnessed in the rest of world (+49% YoY), North America (+6% YoY), China (+28% YoY), UK (+55% YoY), and Europe (+27% YoY).

The order book declined by 20k units QoQ to 148,000 units in Q3 FY24 (versus Q2 order book of 168,000 units) due to increased order fulfilment.

RR/RR Sport/Defender account for 76% of the order book.

Others -

As Q3 wholesales volumes were in line for JLR, there is no major change in the estimates.

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