Tata Motors Ltd announced its results for quarter ending June 30, 2022. The results represent the details on consolidated segment level. For Jaguar Land Rover, Retail sales in Q1 FY23 were 78,825 vehicles, broadly flat compared with Q4 FY22 and down 37% compared with Q1 FY22. Revenue was £4.4 billion in Q1 FY23, down 7.6% from Q4 FY22, impacted by supply challenges including semiconductor shortages, slower than expected ramp-up of the New Range Rover and New Range Rover Sport production and China lockdowns. The customer order book grew further to 200,000 vehicles. The loss before tax in the quarter was £(524) million before a £155 million favourable exceptional pension item. The EBIT margin was (4.4)% reflecting the lower volumes and unfavourable mix.
Tata Commercial Vehicles business witnessed strong volumes growth as compared to Q1 FY22. The growth in Q1 FY23 has been broad-based across regions and segments. For India business, domestic wholesales were at 95,895 vehicles. Exports were however at 5,218 vehicles, lower 22.6% affected by financial crisis in few export markets. The margin improvement was aided by higher volumes, realizations and stable commodity prices.
Tata Passenger Vehicles business continued its strong momentum with wholesales at 130,351 vehicles, up 101.7% vs Q1 FY22. The SUV portfolio contributed 68% of Q1 FY23 sales. Margin improvement was led by strong volumes, improved mix, and impact of higher operating leverage. Thierry Bolloré, Jaguar Land Rover’s Chief Executive Officer, said, “Our strategy to deliver the future of modern luxury to our clients continues at speed, as we accelerate our plans for an electric-first, brand-led business.”
