Jaguar Land Rover (JLR): Revenue was
Tata Commercial Vehicles (Tata CV): Tata CV business continued to show strong sequential recovery led by MHCV segment. The business clocked its highest quarterly revenues since Q4'FY19 and grew market shares in all segments. Despite lower margins due to commodity inflation, impact was lower on PBT (bei) of ?
Tata Passenger Vehicles (Tata PV): Tata PV business delivered a comprehensive turnaround in Q4 FY 22 with highest quarterly revenues of ?10.5 K Cr (+62%), positive EBIT 1.2% and positive free cash flows. EV volumes rose to 9.1K units in Q4 and PV market share improved to 13.4% (+440bps). Robust demand for 'New Forever' range and agile supply actions led to this strong performance.
Outlook: The demand remains strong despite geopolitical and inflation concerns. The supply situation is gradually improving, whereas commodity inflation is likely to remain at elevated levels. We expect performance to improve through the year as the China COVID and semiconductor supplies improve and aim to deliver strong EBIT improvement and free cash flows in FY 23 to get to near net auto debt free by FY 2024.
JAGUAR LAND ROVER (JLR)
Highlights
Company sees increase in free cash flow and EBIT margin in Q4, but sales remain constrained by global semiconductor shortage
Wholesales improved 11% in Q4 to 76.5K units while full year volumes of 294,182 were down 15%
Quarterly free cash flow again positive and increased to
Q4 EBIT margin of 2.0% with pre-tax profit before exceptional items about breakeven (
Exceptional charge of
Strong demand for New Range Rover helps order book to new record at more than 168,000 units (New Range Rover 46, 000 units and Defender 41,000 units), up 13,000 units in Q4.
Our Refocus transformation programme delivers
Liquidity of
Looking Ahead
The CV industry is poisedfor further growthon the back of increased activity in road construction, mining and improved infrastructure spending. The supply situation continues to show gradual improvement. Despite uncertainties, business sentiments continue to be positive with increasing fleet utilization levels and freight rates. Sharp commodity inflation, however, continues to remain a challenge. The Company will continue to step-up its investments in products and new business models to deliver customer value while ensuring profitable growth. Despite near-term supply challenges and inflation concerns, the business aims to deliver strong margins recovery and profitability in FY23.
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