JLR reports 22% growth in full year sales led by improved production, sustained global demand

Jaguar Land Rover (JLR) has reported a 22% year-over-year growth in its full year sales attributing it to improved production and sustained global demand. For fiscal year 2024, wholesale volumes stood at 4.01 lakh while retail sales came in at 4.31 lakh, up 25% and 22% respectively, on a y-o-y basis, Tata Motors said in an exchange filing. JLR is a wholly owned subsidiary of Tata Motors, which is part of Tata Sons.

JLR said in a release that wholesale volumes of 1.10 lakh units in the fourth quarter (excluding the Chery Jaguar Land Rover China JV) were up 16% compared to the same quarter a year ago and up 9% on a sequential basis. Wholesale volumes increased 22% to 58,280 units during the quarter for Range Rover, rose 5% to 28,702 units for Defender, improved 39% to 13,528 units for Jaguar while Discovery witnessed a 1% rise to 9,680 units.

Retail sales for the fourth quarter stood at 114,038 units (including the Chery Jaguar Land Rover China JV), up 11% compared to the same quarter a year ago and up 4% compared to the fourth quarter. The company pointed out that compared to the prior year, retail sales in the quarter were up 32% in the UK, 21% in North America, and 16% in the overseas market. At the same time, retail sales in China were down 9% and lower by 2% in Europe for the quarter. JLR said it is set to report its fourth quarter and FY24 results in May 2024.

Tata Motors had earlier reported a 5.2% y-o-y increase in its vehicle sales in the domestic and international market at 2.65 lakh for the fourth quarter. Shares of Tata Motors were trading 0.5% higher on Tuesday morning. The stock has gained over 28% since in 2024.