Tata Motors – JLR September sales impress :: RBS

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JLR September sales volumes recorded impressive 42% yoy and 45% mom growth to 27,639
vehicles. This is 11% better than our expectation and superior to premium car peers' growth of 2-
17% yoy in September. Buy.

􀀟 Total sales volumes were 27,639, up 42% yoy and 45% mom for September, and also 11%
above our forecast of 25,000 units. For 1HFY11, total volumes were up 14% yoy to 127,967
units. The number plate change phenomenon in the UK market makes September a
traditionally strong month.
􀀟 Land Rover (LR) was the major driver of growth with volumes, up 51% yoy and 50% mom to
22,114 units (11% above our forecast). For 1HFY12, total volumes were up 24% yoy to
102,355 units. Evoque sales should be the reason behind the sound growth.
􀀟 Jaguar also recorded a healthy 14% yoy and 26% mom growth to 5,525 units (11% above our
forecast). For 1HFY12, volumes were still down 14% yoy to 25,612 units.
􀀟 JLR brand growth of 42% outshone other premium car makers' (BMW, Audi, Daimler) growth
in September, which was in the range of 2-17%.
􀀟 We believe that better than expected growth should be positive for stock movement today.