JLR sales rise 31% in August, Chinese market grew 100%

Tata Motors has reported that global sales of Jaguar Land Rover (JLR) vehicles in August 2011 amounted to 21,242, an increase of 31.0% from the total of 16,220 reported in August 2010, although this overall gain disguised conflicting fortunes at the Jaguar and Land Rover brands.




Jaguar sales for the month were 3,409, a year-on-year decline of 10.0% from the August 2010 total of 3,788, while Land Rover sales were 17,833, higher by 5,401 units, or 43.4% from the total of 12,432 reported in August 2010. New Land Rover Evoque saw sales of 1750 units; volume growth ex- Evoque was 20% MoM.

Cumulative sales of Jaguar Land Rover in the fiscal year to date (April-August 2011) totalled 102,451 units, higher by 10.4% from the April-August 2010 total of 92,759. Cumulative sales of Jaguar vehicles were 19,124, versus 24,919 in the 2010 period, down by 23.3%, while cumulative sales of Land Rover vehicles were 83,327, higher by 22.8% from the 67,840 total reported in April-August 2010.

Jaguar Land Rover YoY sales for August 2011
Total sales up 31% at 21242 units
Jaguar sales down 10% at 3409 units
Land Rover sales up 43% at 17833 units

Jaguar Land Rover MoM sales for August 2011
Total sales up 11% at 21242 versus 19119 units
Jaguar sales down 22% at 3409 versus 4372 units
Land Rover sales up 21% at 17833 versus 14747 units




Tata Motors Global Sales up 3 % in August

The Tata Motors Group global wholesales, including Jaguar Land Rover stood at 87,459 units in August, up three per cent over August 2010.  Cumulative sales for the fiscal are 438,070 units, up 3% compared to corresponding period in 2010-2011.

Global sales of all commercial vehicles, Tata, Tata Daewoo and the Tata Hispano Carrocera range were 48,023 units in August 2011, up 17%. Cumulative sales for the fiscal are 225,471 units, a growth of 17%. Global sales of all passenger vehicles were at 39,436 units in August 2011, down 11%.

Tata Motors - Q1FY12 Standalone & Consolidated Result

Tata Motors Limited

NSE: TATAMOTOR

BSE:  500570

NYSE: TTM

Nasdaq: TTM

Standalone & Consolidated result for the Q1 FY12.

Standalone Result

• The standalone gross revenue of the Tata Motors Ltd increased 14.4 % to Rs. 12925 Cr for the quarter ended 30th Jun 2011 against Rs. 11297 Cr for the quarter ended 30th Jun 2010. But the same is significantly lower by 17.9% than the previous quarter (Quarter ending 31st Mar 2011 has net sales of Rs. 14,632 Cr).  
• The standalone net profit of the Tata Motors increased insignificantly by 1.4% to Rs. 401.28 Cr for the quarter ended 30th Jun 2011 against Rs. 395.72 Cr for quarter ended 30th Jun 2010. But the same is significantly lower by  30.0 % than the previous quarter (Quarter ended 31st Mar 2011 has net profit of Rs. 573 Cr).

Our analysis on standalone result of Tata Motors:

1. The standalone revenue & net profit has always declined for Tata Motors in the first quarter of the Financial Year in the past 4 Years. Hence it is not a major issue.
2. Tata Motors said cost pressures, including commodity price increase, resulted in a reduction in the operating margins to 8.4% (against 11.28 % in the same quarter of previous financial year),  and an Operating Profit (EBITDA) of Rs. 999 crores in the quarter, declining by 15.0% over Rs. 1,175 crores in the corresponding quarter of the previous year.
3. Tata Motors' sales (including exports) of commercial and passenger vehicles for the quarter stood at 197,606 units, representing a growth of 3.8 %.
4. In the domestic market, commercial vehicles sales increased 13 per cent to 113,186 units as against 100,186 units in the same quarter of previous financial year. The company's market share in commercial vehicles reduced to 60.1% as against 61% in the same quarter of the previous financial year.
5. In the domestic market, Passenger vehicles sales (including Fiat, Jaguar & Land Rover vehicles) declined  10.7 % to 69,529 units as against 77,858 units in the same quarter of previous financial year. The company's market share in commercial vehicles reduced to 11.9 % as against 13.3 % in the same quarter of the previous financial year. 

Consolidated Result

• The net revenue of the group increased by 24.1 % to Rs. 33572 Cr for the quarter ended 30th Jun 2011 as against Rs. 27056 Cr for the quarter ended 30th Jun 2010. But the same has declined against the previous quarter by 6.1 % (Net sales for the quarter ending 31st Mar 2011 stood at Rs. 35848 Cr).
• The net profit of the group increased by 0.55 % to Rs. 1999.62 Cr for the quarter ended 30th Jun 2011 as against Rs. 1988.73 Cr for the quarter ended 30th Jun 2010. Net profit declined by 24.47 % QoQ (Net profit for the quarter ending 31st Mar 2011 stood at Rs. 2638 Cr).

Our analysis on consolidated result of Tata Motors:

1. Similar to the standalone case, the net profit of the group has always declined in the first quarter of the financial year from past 3 yrs, though this may be the biggest fall. 
2. JLR revenue rose 19.9% to 2.712 billion Pounds in Q1 FY12 against 2.262 billion Pounds in Q1 FY11. Cost pressures and impact of exchange rates resulted in a marginal reduction in the operating margins to 15.1%. EBITDA rose 16.9% to 408 million pounds in Q1 June 2011 over Q1 June 2010. Profit after tax fell 3.09% to 219 million pounds in Q1 June 2011 over Q1 June 2010. 
3. n May 2011, JLR successfully completed issue of 7-year and 10-year Bonds aggregating GBP 1 Billion, part of which has been used for refinancing of existing loans and general corporate purposes.
4. A new vehicle assembly plant was inaugurated in Pune, India, in May 2011. The facility at present is assembling Land Rover's Freelander 2 vehicles supplied in Complete Knock Down (CKD) form, from the Halewood manufacturing plant in Liverpool.
5. Tata Daewoo Commercial Vehicles Company reported net revenues of Rs. 880 crore and a profit after tax of Rs. 16 crore for Q1 June 2011.  
6. Tata Motors Finance, the company's captive financing unit, reported net revenue of Rs. 240 crore and a profit after tax of Rs. 49 crore for Q1 June 2011.
7. JLR sold 62090 units in quarter against 57,153 units (rise of 8.63 %).
8. Jaguar has announced the new 2.2 litre diesel engine in the 2012 model year Jaguar XF and has also confirmed its decision to build the C-X75 hybrid supercars. The much awaited Range Rover Evoque, being launched in September 2011, has received significant expression of interest and around 18,000 bookings. It already received the "Car of the Year" award from the UK's largest auto magazine, AutoExpress.
9. The company incurred heavy more marketing expenses in the quarter for the promotion of new vehicle Range Rover Evoque.