TATA MOTORS REPORTS JLR SALES VOLUMES FOR Q1FY23 BROADLY ON EXPECTED LINES
News: In a regulatory exchange filing, Tata Motors informed exchanges about retail sales at JLR for Q1FY23 at 78,825 flat QoQ. Wholesale volumes for Q1FY23 (excluding China JV) were at 71,815 units, down 6% QoQ
Views: This comes in line with commentary issued by Tata Motors saying muted sales prospects and negative EBIT margins at JLR operations in Q1FY23 due to Covid led lockdowns in China as well as constraints over chip supply. However, the increase in order-book to ~2 lakh units vs. ~1.7 lakh units as of FY22 end is encouraging, depicting strong demand for its products. We build in wholesale volumes of 81,501 for Q1FY23 (down 8.6% QoQ), which included volumes from China JV
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