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Jaguar Land Rover Sales in US, Europe Weigh on Tata Profit
08 February 2018, 09:30 | Austin Hogan
JLR has high hopes for its new all-electric I-pace which has been undergoing tests in winter conditions before its launch this spring
Mumbai:Tata Motors on Monday disappointed the Street when its third-quarter net profit missed analysts' estimates because of a tepid show by subsidiary Jaguar Land Rover (JLR). The standalone sales volume during the quarter expanded 31 per cent to 172,952 units, showing strong growth in both passenger and commercial vehicles. At a consolidated level, the company reported profits of Rs 12.14 billion against Rs 1.11 billion in the corresponding quarter of the previous year. Revenues during the quarter increased 4.3 per cent to £6.3 billion over the same period past year.
Tata Motors will put on display its new H5 5-7 seater SUV vehicle based on the Land Rover Discovery Sport model at the Auto Expo beginning in nearby Greater Noida on Wednesday.
Ralf Speth, Jaguar Land Rover CEO, said: "Despite headwinds and uncertainty in some markets, Jaguar Land Rover still delivered increased unit sales as we continued the launch schedule for new models including the significantly enhanced Range Rover family and all-new Jaguar E-PACE.we expect a stronger all-around performance in the Fourth Quarter driven by new models, seasonality, and improved profitability".
The "turnaround strategy" is delivering results, according to Tata Motors Chairman N Chandrasekaran. Its Ebitda margin stood at 9.0%.· Further, it made an investment of Rs 1,021 crore in products, platforms and technologies. The strategy was implemented in August past year to turn around its passenger vehicles business as well as to reclaim its position of market leader in the commercial vehicles segment in the country.
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On NSE, shares of the company tumbled 5.14 % to end at ₹375.45.
"The company is getting aggressive on all fronts. However, consistency is the key and Tata Motors will have to keep doing it month after month", said Abdul Majeed, Partner, Price Waterhouse. The launch of products like the Nexon, Tigor, and Hexa helped passenger vehicle volume growth. In order to correct the perception of poor after sales services, Tata Motors is revamping its after-sales service dealerships in a big way and plans to increase it to over 1,500 in the next two years.
The company's new Slovakia plant is on track for start of production by the end of 2018.
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