Results accelerate at Jaguar Land Rover

Jaguar Land Rover Bristol dealership

Tata Motors, which owns Jaguar Land Rover (JLR), reported a consolidated net profit of 29.06 billion rupees ($398.52 million) for the third quarter, compared with a profit of 17.38 billion rupees a year earlier. Revenue increased 5% to Rs 74,879 crore, the company said on Friday after market hours.

CEO Thierry Bolloré, ending his first full quarter at the helm of the British manufacturer, said: "This performance is a credit to the outstanding efforts of the employees of Jaguar Land Rover to overcome many challenges this year and I would like to thank every one of our colleagues for their contribution, particularly those who are working safely in our plants and facilities".

The company's net revenue rose 5.5 per cent YoY to Rs 75,654 crore during the quarter, while EBITDA (earnings before interest, tax, depreciation and amortisation) margin expanded 540 basis points to 14.8 per cent as compared to same period a year ago. In this environment, Jaguar Land Rover continues to expect a gradual improvement in sales supported by new and refreshed vehicles incorporating the latest technologies.

"Free cash flow in the third quarter was 562 million pound, primarily reflecting the strong PBT and favourable working capital after 675 million pound of investment spending", Tata Motors said.

"Due to a strong festive season and a clear preference for personal mobility, the (passenger vehicle) business posted its highest sales in last 33 quarters", chief executive Guenter Butschek said in a statement.

The three months to December 31, 2020 saw it shift 128,469 vehicles, which was up 13.1 per cent on the second quarter but still nine per cent lower than pre-Covid levels a year ago.

Most other regions were also up on the preceding quarter although down from 2019's third quarter.

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The company said it had saved 400 million pounds ($548.96 million) during the December quarter at JLR under Project Charge, taking the total savings to 2.2 billion pounds so far.

Besides, the company improved its operational and financial performance by reducing costs and generating free cash flows, he said.

During the quarter under review, wholesales (including exports) increased 18.8 per cent to 153,480 units.

While there are multiple uncertainties across geographies given the pandemic, the company indicated that demand continues to be strong and volume trends are expected to continue in the near term.

The Brexit trade deal agreed in December between Britain and its former European Union partners, which avoided the risk of tariffs on automotive parts and finished vehicles, was largely in line with expectations, Balaji said.

Sales in China swelled by 20 per cent compared with the previous quarter and 19.1 per cent year-on-year.

Tata Motors shares closed 1.6 per cent lower in Mumbai ahead of the earnings announcement.

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