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JLR sales volume for May recorded strong 17% yoy and 14.7% mom growth. The volume is just
2% below our expectation, as Land Rover continues to surprise positively, but Jaguar
disappoints. Management guidance of 24% volume growth for FY12 is marginally ahead of our
expectation of 20%.
JLR sales volume growth performance for May (17% yoy) has been much better than its
premium car peers BMW (7.3%) and Daimler(7.4%).
Land Rover continues to surprise our estimate (2%) as it records 29.7% yoy and 10.5% mom
growth to clock 18,075 vehicles. Jaguar remains a drag on yoy performance as it recorded
17.6% dip, inspite of 37% mom improvement.
Management recently guided for 24% yoy sales volume growth to 300,000 JLR sales volume
for FY12, which is higher than our estimate of 290,480 vehicles. The reason for strong
guidance is - management expects 45% of incremental FY12 volume to come from new
product Evoque and 30% incremental from expansion into China, whereas rest from other
countries and products.
We reiterate Buy, as large part of business JLR is in strong growth territory, as compared to
weakness seen in smaller division sales volumes like Indian car and M&HCV.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
JLR sales volume for May recorded strong 17% yoy and 14.7% mom growth. The volume is just
2% below our expectation, as Land Rover continues to surprise positively, but Jaguar
disappoints. Management guidance of 24% volume growth for FY12 is marginally ahead of our
expectation of 20%.
JLR sales volume growth performance for May (17% yoy) has been much better than its
premium car peers BMW (7.3%) and Daimler(7.4%).
Land Rover continues to surprise our estimate (2%) as it records 29.7% yoy and 10.5% mom
growth to clock 18,075 vehicles. Jaguar remains a drag on yoy performance as it recorded
17.6% dip, inspite of 37% mom improvement.
Management recently guided for 24% yoy sales volume growth to 300,000 JLR sales volume
for FY12, which is higher than our estimate of 290,480 vehicles. The reason for strong
guidance is - management expects 45% of incremental FY12 volume to come from new
product Evoque and 30% incremental from expansion into China, whereas rest from other
countries and products.
We reiterate Buy, as large part of business JLR is in strong growth territory, as compared to
weakness seen in smaller division sales volumes like Indian car and M&HCV.
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