- 11 Apr 2022
- ICICIdirect Research
TATA MOTORS REPORTS SEQUENTIAL UPTICK IN WHOLESALE VOLUME AT JLR
TATAMOTORS - 793 Change: -6.35 (-0.79 %)News: In a regulatory exchange filing, Tata Motors informed exchanges about wholesale volumes of its foreign subsidiary JLR (excluding China JV) for Q4FY22, which came in at 76,500 units up ~11% QoQ. Retails, however were down 1% QoQ for the quarter at 79,000 units. The management felt that volumes continue to be impacted by chip shortages with gradual improvement in supplies and expect the gradual improvement to continue, going forward, into the next financial year
Views: Quarterly wholesale volumes at JLR picked up pace post subdued reading for the past two quarters i.e. 78,300 units for Q2FY22 and 83,100 units for Q3FY22 (both including China JV). We had built in total wholesales at ~86,000 for Q4FY22E and expect the company to surpass our estimates including China JV volumes. Th management commentary on demand prospects was robust with current order book at ~168,000 units (up by ~14,000 units from December 2021)
Impact: Positive