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Tata Motor JLR sales volume for June were flat as sharp 40% dip in Jaguar volume dents into
benefits of 22% growth of LR. Management highlights that retail sales were flat mom as
compared to 9% dip in wholesale volumes. The volumes disappoints us, which can lead to just
3% yoy consol PAT growth in 1Q.
Jaguar records sharp 40.4% yoy and 4% dip in sales volume. Its high dependence on
European markets seem to have impacted growth.
LR records impressive 21.7% yoy growth but 10% drop mom.
JLR sales volume performance is poor as compared to premium car peers VW Audi (19%),
BMW (12%) and Daimler (6%).
Management highlights that retail sales volume were flat mom as compared to wholesale
dispatches recording 8.7% dip.
Building-in the weak June month sales volume for JLR, we feel Tata consol PAT to record just
2.8% yoy growth in PAT to Rs.20.6bn on a 21.6% growth in net sales to Rs.328.9bn. For the
quarter, relatively higher proportion of Jaguar in product mix of JLR, we feel will lead to better
sales realisation per vehicle but a lower EBIDTA margin as compared to 4QFY11.
Recent new reports suggest Evoque bookings of 18,000, which should start reflecting in July
month wholesale sales volume in small manner.
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