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Motilal Oswal Report
Wholesale volumes for Tata Motors Ltd.'s Jaguar Land Rover (excluding the Chery Jaguar Land Rover joint venture) declined by 38% YoY (up 11% QoQ) to 76,500 units in Q4 FY22 (estimate: 81,700 units).
Production improved by 15% QoQ to 82,700 units in Q4 FY22, reflecting an improvement in semiconductor supplies.
On a QoQ basis, wholesale volumes for Defender/Range Rover Sport/ Discovery grew by over 23%/14%/29%, reflecting further improvement in its mix. It delivered 1,910 units of the new Range Rover, with production of the prior model now running out.
While wholesale volumes in Q4 FY22 are lower than our estimated 81,700 units, the product mix seems to be much better, diluting the impact of operating deleverage.
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