Tata Motors-owned Jaguar Land Rover (JLR) reported a retail sale of 79,008 units as of Q4 FY22, falling 36% over Q4 FY21 and recording a decline of 1.4% over Q3 FY22.
Jaguar Land Rover retail sales for the three-month period to 31 March 2022 continued to be constrained by the global semiconductor shortage. However, the company saw a gradual improvement in chip supply leading to improved production and wholesale volumes compared to the previous quarter. This is expected to continue through the next fiscal year.
On a yearly basis, JLR retail sales fell 14.4% to 3,76,381 units in FY22 as compared to FY21. The retail sales were higher compared to the previous quarter in UK (up 34%), North America (up 5%) and Overseas (up 10%) but were lower in China (down 18%) and Europe (down 17%). The wholesale sales (excluding the China joint venture) for the fiscal year ending 31 March 2022 were 2,94,182, falling 15% as compared to the fiscal year ending 31 March 2021.
Despite the impact of the semiconductor shortage on production and sales, Jaguar Land Rover continued to see strong demand for its products with global retail orders. As at the 31 March 2022, the total order book has grown to over 1,68,000 units, up by around 14,000 orders from the 31 December 2021. The demand for the New Range Rover and New Defender are particularly strong with over 45,500 and 40,000 orders respectively.
Meanwhile, Jaguar reported a retail sale of 14,574 units in Q4 FY22, dropping 37.9% from Q4 FY21 and recording an increase of 1.2% over Q3 FY22. Land Rover reported a retail sale of 64,434 units during Q4 FY22, recording a de-growth of 35.6% over Q4 FY21 and a 2% fall as against Q3 FY22.
The underlying demand for Jaguar Land Rover products remained strong with record orders in the quarter. Wholesale volumes stood at 76,526 units while production volumes were at 82,722 units in the period (both excluding China joint venture), rising 11 % and 15% respectively as compared to the previous quarter ending 31 December 2021. As compared to the previous quarter, the wholesale volumes grew 23% for Defender, 14% for Range Rover Sport and 29% for Discovery. The quarter saw the first deliveries of the New Range Rover, with 1,910 wholesales with the prior model now running out.
Tata Motors, in its press statement, highlighted that, The conflict in Ukraine has not materially impacted our wholesale volumes in the quarter. The impact on production has also been limited due to active management of the parts supply chain, including developing alternatives for the relatively small number of parts that are sourced from the affected countries. However, it is difficult to predict how supply and inflationary pressures will impact the coming quarters. Our first priority remains the welfare of our employees, and the company has been providing humanitarian support for the families of colleagues impacted by the conflict and through the supply of vehicles to the International Federation of Red Cross and Red Crescent Societies.
Jaguar Land Rover expects to report audited results for the fiscal year ending 31 March 2022 during May 2022. While the company is still closing the books, it expects to report positive cashflow in line with expectations, based on preliminary cash balances, it further added.
Shares of Tata Motors rose 0.59% to end at Rs 452.10 on BSE yesterday, 8 April 2022. Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
On a consolidated basis, the auto major reported net loss of Rs 1,338.17 crore in Q3 FY22 as against a net profit of Rs 3,222.21 crore in Q3 FY21. Net sales fell 4.6% to Rs 71,406.77 crore in Q3 FY22 over Q3 FY21.
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