Published: Fri, November 10, 2017
Research | By Derrick Holloway

Jaguar Land Rover Q2 pre-tax profit jumps 38% to £385 million

Auto maker Tata Motors reported a almost three-fold rise in quarterly profit on Thursday, beating estimates, with Jaguar Land Rover business clocking higher sales.

Its consolidated revenue rose 10 per cent to Rs 70,156 crore from Rs 63,577 crore, while net income rose 195 per cent from Rs 848 crore a year ago, the company said. Revenue grew more than 11% to 701.56 billion rupees.

Retail sales of its Jaguar saloons and Land Rover sport-utility vehicles were up 5% on the same quarter previous year, as an increase in sales in China helped offset lower United Kingdom sales.

Since then the pound has fallen sharply against the Indian currency, down from over 100 rupees to 85.26 rupees.

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Retail sales grew 5.1 per cent to 149,690, with increases in China (27.4 per cent) and the USA (5.1 per cent) offsetting lower sales in the United Kingdom and Europe.

Passenger vehicles grew 14.4 percent over the same period last fiscal.

Since then it has lined up a slew of new products for the Indian market.

However, on a standalone basis, Tata Motors still remained in the red but with lower losses.

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Shares in Tata Motors, part of the sprawling tea-to-steel conglomerate, rose over half a percent on the Bombay Stock Exchange on Thursday.

Higher sales and profits reflect the continuing ramp-up of new models such as the Range Rover Velar, Land Rover Discovery, Jaguar XF Sportbrake, Jaguar F-PACE and, in China, the Jaguar XFL.

JLR CEO Ralf Speth said, "We have delivered solid growth in quarterly profit and revenues amid rising demand for our products". "Although we are facing headwinds and uncertainty in some markets, JLR is well positioned to deliver further global expansion", he added.

The auto giant is focusing on rolling out fresh products, as well as manufacturing expansion, with investment spending topping £1bn in the second quarter. Its upcoming models include Jaguar's new compact performance SUV the E-PACE, refreshed Range Rover and Range Rover Sport (including plug-in hybrid models), and the Jaguar I-PACE electric performance SUV. Revenues stood at £11.9 billion while pre- tax profit was £980 million (including one time of £437 million relating to changes made to pension plans in Q1 FY 18).

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