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JLR sales volume for March saw just 2% growth yoy (due to large base effect) which is marginally
below the RBS estimate. However, LandRover scaling strong 7.6% yoy growth in March month
surprises us, as the high-margin product forms 85% of total quarter volume. Upside risk to our 4Q
estimate. Buy.
High base overshadows strong sales volume and mix benefit
Jaguar car sales volume recorded a sharp 18.7% drop yoy in March month, as its large
volume X-series was discontinued since 1QFY11. But MoM, Jaguar record impressive 17.4%
growth.
Land Rover recorded 7.6% yoy and 10.2% mom to record 2-year high sales volume of 20,329
vehicles.
The number plate change phenomenon in its largest market of United Kingdom (UK) in
March, helped JLR scale a record sales in UK markets.
For FY11F, JLR sales volume recorded 24.5% growth, driven by LR volume growth of 28.7%,
whereas Jaguar was a laggard. We expect the trend to continue in FY12 with 20% JLR
volume growth, driven by the new Range Rover Evoque expected to be launched in 2QFY12.
For 4QFY11, we see upside risk to our Rs.25.9bn consolidate PAT estimate as its high profit
margin LandRover scales up to form 84.8% of total JLR sales volume for the quarter.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
JLR sales volume for March saw just 2% growth yoy (due to large base effect) which is marginally
below the RBS estimate. However, LandRover scaling strong 7.6% yoy growth in March month
surprises us, as the high-margin product forms 85% of total quarter volume. Upside risk to our 4Q
estimate. Buy.
High base overshadows strong sales volume and mix benefit
Jaguar car sales volume recorded a sharp 18.7% drop yoy in March month, as its large
volume X-series was discontinued since 1QFY11. But MoM, Jaguar record impressive 17.4%
growth.
Land Rover recorded 7.6% yoy and 10.2% mom to record 2-year high sales volume of 20,329
vehicles.
The number plate change phenomenon in its largest market of United Kingdom (UK) in
March, helped JLR scale a record sales in UK markets.
For FY11F, JLR sales volume recorded 24.5% growth, driven by LR volume growth of 28.7%,
whereas Jaguar was a laggard. We expect the trend to continue in FY12 with 20% JLR
volume growth, driven by the new Range Rover Evoque expected to be launched in 2QFY12.
For 4QFY11, we see upside risk to our Rs.25.9bn consolidate PAT estimate as its high profit
margin LandRover scales up to form 84.8% of total JLR sales volume for the quarter.
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