Tata Motors - JLR's Q2 Wholesale Volumes Impacted By Chip Shortage: Motilal Oswal
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Motilal Oswal Report
Tata Motors Ltd.'s Jaguar Land Rover’s Q2 FY22 wholesale volumes declined 14% YoY to 78,250 units (versus estimate 80,000 units).
Jaguar wholesales declined 23% to 13,900 units (versus estimate 22,000 units) and Land Rover declined 12% to 64,300 units (versus 80,000 units). This implies a weaker-than expected mix.
JLR retails declined 18% YoY to 92,700 units. Land Rover also declined 15% and Jaguar 30%.
All regions (excluding- rest of world) declined in Q2, with the UK declining the most by 48%. Rest of world grew 10%.
It now expects free cash flow outflow at £0.7 billion in Q2 FY22 (versus the earlier estimate of £1 billion).
Looking ahead, the chip shortage remains dynamic and difficult to forecast; however, Tata Motors expects the semiconductor shortage to gradually ease hereafter over the next ~12 months.
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