Tata Motors: Jaguar Land Rover - Monthly Sales Update
Tata Motors: Jaguar Land Rover - Monthly Sales Update
Tata Motors: Jaguar Land Rover - Monthly Sales Update
Tata Motors
Jaguar Land Rover Monthly sales update
Exhibit 1: JLR - wholesale volumes
Aug-13 Aug-12 chg (%) Jul-13 chg (%) YTDFY14 YTDFY13 chg (%)
ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Automobile 107,131 15,067 1.1 352/245 1,012,902 2 19,782 5,851 TAMO.BO TTMT@IN
`333 `360
12 Months
Jaguar
5,222
2,960
76.4
7,174
Jaguar and Land Rover (JLR) sustained its strong volume momentum in August, recording a better-than-expected wholesale volume growth of 28.4% yoy to 30,895 units. The growth was led by the strong performance of Jaguar and Land Rover models on the back of success of new launches and easing of capacity constraints. On a mom basis though, volumes declined by 12.1%, ahead of the number plate change that happens every September in the UK. Jaguar continued its impressive run, posting a growth of 76.4% yoy driven by incremental volumes from the F-type and growth in the XF model led by the introduction of the Sportbrake, AWD and smaller engine variants. Land Rover sales too recorded a robust growth of 21.7% yoy on the back of the dispatches of the new Range Rover Sport.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 34.4 12.1 46.2 7.3
Audi BMW
3m 3.9 13.5
Mercedes 108,417
Global luxury car manufacturers recorded a strong growth with highest sales ever for August driven by continued growth momentum in the Asia/Pacific and North America region. Audi registered a strong growth of 9.8% yoy driven by the strong performance of the A3 family and Q3 and Q5 SUV models. According to the company, the overall growth was driven by a strong performance in the Asia Pacific (up 22.4% yoy) and North America (up 19.6% yoy) regions, even as the environment remains challenging in Europe (volumes down 3.4% yoy). BMW recorded a strong 15.6% yoy growth led by continued momentum in the 3 and 5 series and X3 series and also due to robust growth in Asia Pacific (up 27.9% yoy) and North America (up 29.3% yoy). Sales in Europe though declined by 2.3% during the month. Mercedes-Benz too registered a robust growth of 18.7% yoy driven by the success of its new models including the E Class and compact models. Geographically, Asia Pacific, North America and the Europe region recorded a strong growth of 28.6%, 20.5% and 12% yoy respectively.
Yaresh Kothari
+91 22 39357800 Ext: 6844 [email protected]
Jaguar Total
5,405
2,819
91.7
6,157
JLR sustained its strong volume momentum in retail sales in August 2013, registering a growth of 27.6%, driven by the robust performance of the newly launched models and the Range Rover Evoque. The volume growth ex. Evoque too remained strong (up 24.8% yoy) and was driven primarily by the recently launched Jaguar models. Geographically, the volume momentum continued across the world (except Europe which witnessed a decline of 1.4% yoy) with China, North America, UK and the Asia Pacific region witnessing a robust growth of 43.2%, 39.6%, 36.3% and 35.2% yoy respectively. Meanwhile, on a mom basis, total sales declined by 11.9%, primarily due to a 76.9% yoy decline in volumes in the UK ahead of the number plate change that happens every September, and 25.3% decline in Europe volumes. Jaguar continued with its impressive sales performance, posting a growth of 91.7% yoy, driven by growth in the XF and XJ models (on the back of introduction of the Sportbrake, AWD and smaller engine variants). Geographically, Jaguar posted a robust growth in all the major markets with China (up 278% yoy), North America (up 70.2% yoy) and Europe (up 74.6% yoy) being the top three performers during the month. Land Rover sales too recorded a strong growth of 18.1% yoy led by continued momentum in Range Rover Evoque, Freelander and Discovery models which registered a growth of 34.4%, 22.7% and 14.3% yoy respectively. Additionally the dispatches of the new Range Rover and new Range Rover Sport too aided the growth during the month. Geographically the growth was strong across all the markets (except Europe) with the Asia Pacific region, UK and North America being the top three growth drivers recording a growth of 37.2%, 36.1% and 31.5% yoy respectively. Sales in Europe however declined by 11.1% yoy during the month.
22,447 19,005
18.1 25,454
(11.8) 125,161
10.4
Sep-12
Feb-13
May-13
Dec-12
Jan-13
Jun-13
Jul-13
Aug-12
Mar-13
Dec-12
Jan-13
Jun-13
Aug-12
Mar-13
Nov-12
May-13
Aug-13
Sep-12
Feb-13
Oct-12
Apr-13
Jul-13
XF
New XJ
XK
F type
Nov-12
Asia Pacific China Region Europe North America UK Rest of the world
1,710 1,265 8,094 5,654 4,063 4,119 7,161 5,128 1,164 854 5,660 4,804
Aug-13
Oct-12
Apr-13
14.3
16.2
34.2
33.1
28.8
25.9
16.6
23.0
24.4
24.2
17.9
15.8
21.9
29.1
Aug-12
Dec-12
Nov-12
Mar-13
May-13
Asia Pacific
China Region
Europe
North America
UK
Aug-13
Apr-13
Oct-12
Sep-12
Feb-13
Jan-13
Jun-13
Jul-13
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