Tata Motors Consolidated Q2 FY22 Results JAGUAR LAND ROVER (JLR) TATA MOTORS (STANDALONE, INCL JO)

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• Retails for Q2 down 18% to 92.7K units;

 

• Investments: £0.5 b in products and technologies

 

• Free Cash Flows of £(664)m in Q2 FY22 • Retails (Domestic): Q2 retails up 77% to 162.4K units

 

• Investments: ₹0.6 KCr in products and technologies

 

• Free Cash Flows of ₹ 3.8 KCr in Q2 FY22

 

 

JLR: Wholesales to dealers in the Quarter were 64,032 vehicles, down 12.8% year-on-year, and retail sales (including the China Joint Venture) were 92,710 vehicles, down 18.4%, reflecting the semiconductor shortage and lower retailer inventories.

For Q2 FY22, revenue was £3.9 billion with a pre-tax loss of £302 million (EBIT margin -4.7%). Free cash outflow was £664 million, this was significantly better than prior guidance for a £1 billion free cash outflow, reflecting prioritized production of higher margin products and cost controls to reduce the cash break-even point further.

 

TML: India operations showed significant improvement as compared to Q2 a year ago, however the supply chain issues, and commodity inflation impacted the margins. As a result, TML reported EBIT of (1.6)% and pre-tax loss of ₹ 0.8K Cr for Q2 FY22. PV business continued its turnaround journey and strengthened its double-digit market share with decade high quarterly sales. EV business recorded nearly three-fold growth and recorded highest monthly and quarterly sales of 1,078 units and 2,704 units, respectively.

 

Outlook: Demand remains strong for JLR and India PV while CV demand is improving gradually. Semiconductor issues and commodity inflation will continue to impact the near term and we are doing our best to manage them. The performance is expected to improve gradually starting in H2 as both the supply chain and the pandemic situation improves.

 

 

TejGujarati