Tata Motors’ Jaguar Land Rover Q4 Wholesales Above Estimate, Up 7.5%: Motilal Oswal

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Motilal Oswal Report

Tata Motors Ltd.’s Jaguar Land Rover Q4 FY21 wholesale volumes (including Chery Jaguar Land Rover) grew ~7.5% YoY to ~136,500 units.

Jaguar wholesales declined ~3.4%, while Land Rover grew ~11.3%.

JLR sales saw significant improvement sequentially (up 14% QoQ). This has led to dilution in the mix as the share of Jaguar has improved ~5.4 pp QoQ.

The sharp beat in quarterly wholesales would lead to a stronger-than estimated Q4 FY21 performance.

Based on our volume estimates for JLR, we expect Tata Motors’ Q4 FY21 consolidated profit after tax at Rs 36.4 billion.

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