- 10 Apr 2023
- ICICIdirect Research
TATA MOTORS REPORTS ROBUST WHOLESALES AT JLR FOR Q4FY23
TATAMOTORS - 705 Change: -7.30 (-1.03 %)News: In a regulatory exchange filing, the company informed about wholesales of 1.07 lakh units at JLR for Q4FY23 (including China JV), up ~16% QoQ, with retail sales at ~1,02,889 units up 21% QoQ and 30% YoY, with current orderbook at 2 lakh units. Further the company informed about free cash flow (FCF) expected to be over £800 million (~Rs 8,142 crore) positive in the fourth quarter (Q4FY23) and over £500 million (~Rs 5,088 crore) positive for the full year (FY24)
Views: For Q4FY23, Jaguar wholesales were at 15,499 units while Land Rover wholesales were at 91,887 units. This comes as a positive development as during the last call the company had guided for wholesales at 80,000+ units and with this reading of 1.07 lakh units, it has vastly surpassed estimates. Also, the company has outperformed its earlier guidance of being just breakeven at FCF level by reporting >£500 million (~Rs 5,088 crore) as free cash flow for full year (FY23)
Impact: Positive