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Motilal Oswal Report
Tata Motors Ltd.'s Jaguar Land Rover Q4 FY21 wholesale volumes (including Chery Jaguar Land Rover) grew ~7.5% YoY to ~136,500 units.
Jaguar wholesales declined ~3.4%, while Land Rover grew ~11.3%.
JLR sales saw significant improvement sequentially (up 14% QoQ). This has led to dilution in the mix as the share of Jaguar has improved ~5.4 pp QoQ.
The sharp beat in quarterly wholesales would lead to a stronger-than estimated Q4 FY21 performance.
Based on our volume estimates for JLR, we expect Tata Motors' Q4 FY21 consolidated profit after tax at Rs 36.4 billion.
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