For the month of March 2018, sales grew 10 percent on a YoY basis, better than the industry growth of 6% and ahead of estimates.
Tata Motors Ltd rallied as much as 4.9 percent in morning trade on Wednesday after Jaguar Land Rover reported 83 percent jump in sales in the last fiscal, and plans to bring 10 new products in India in 2018-19.
JLR India completed 2017-18 with a total sales of 4,609 units against 2,514 units in the previous fiscal. Jaguar Land Rover US reversed the declining trend for the past three months.
For the month of March 2018, sales grew 10 percent on a YoY basis, better than the industry growth of 6% and ahead of estimates. Land Rover sales grew strongly 38 percent (due to a surge in Velar deliveries). Jaguar sales however declined by 34% YoY to 3260 units
The company's new products such as the fifth-generation all-new Land Rover Discovery and the New Range Rover Velar have been received very well in the market.
Besides, other models like Jaguar XE, XF and F-PACE and Land Rover Discovery Sport and Range Rover Evoque have also done well during the year, management highlighted.
They further added that all the new products lined up for introduction during the year will also help the company maintain sales momentum.
However, adding it would be difficult to achieve very high double-digit growth due to increase in prices the following hike in customs duty in the Budget.
At 09:50 hours IST, the stock price was quoting at Rs 358.90, up Rs 15.55, or 4.53 percent on the BSE.