Tata Motors (CMP Rs272, BUY)
YTDFY13 JLR sales up 21% yoy
Tata Motors’ JLR sales (wholesale) for October 2012 were lower that
estimated at 27,897 units, up 7% yoy (up 5% mom). Land Rover sales of
24,558 units — up 17% yoy (up 4% mom) — partially offset the impact of
decline of 37% yoy (up 19% mom) in Jaguar sales to 3,339 units on overall
sales.
Monthly volume in line with expectation: Over the last three years, average
sales in Q3 have contributed ~27% of JLR’s annual volume, as against ~31%
in Q4. Based on this trend as a guideline, JLR’s monthly sales can be
estimated to be ~31,500 units in Q3. JLR’s sales for October 2012 improved
mom, but were lower than the estimated run-rate for the quarter.
Maintenance shutdown and model change impact sales
US - JLR’s sales down 20% yoy
UK – JLR posts slower than average growth in luxury cars; up 15% yoy
Russia – JLR's sales growth slows down to 22% yoy
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