Jaguar Land Rover Delivers Healthy Profits To Tata Motors
Tata Motors has demonstrated impressive results with month-on-month growth in sales and market share, enabled by a slew of new product launches and customer centric initiatives. With our turnaround plan in full action, we are seeing encouraging results and we will continue to drive sustainable profitable growth to meet our future aspirations.”
Jaguar Land Rover Automotive PLC – (figures as per IFRS)
Second-quarter retail sales rise 5% to 149,690 units year-on-year Strong customer demand for Range Rover Velar and other new models Revenues rise 11.5% to £6.3 billion, Pre-tax profits increase 38% to £385 million.
Higher sales and profits reflect the continued 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. Retail sales grew 5.1% to 149,690, with increases in China (27.4%) and the US (5.1%) offsetting lower sales in the UK and Europe. The EBITDA margin was 11.8% and EBIT margin was 5.2% in the quarter.
Dr Ralf Speth, Jaguar Land Rover Chief Executive Officer, said: “We have delivered solid growth in quarterly profit and revenues amid rising demand for our award-winning products. Although we are facing headwinds and uncertainty in some markets, Jaguar Land Rover is well positioned to deliver further global expansion.”
As part of the company’s ongoing product offensive, manufacturing expansion and new technology programme, Jaguar Land Rover’s investment spending was more than £1 billion in the second quarter. Investment spending for the full year is expected to exceed £4 billion.
Dr Ralf Speth concluded: “Our expanding product portfolio continues to excite and surprise; coming this next quarter customers have the all-new Jaguar E-PACE and new plug-in hybrid Range Rover and Range Rover Sport to look forward to as well as a key new model from our China joint venture. Looking ahead to the rest of the year, we will continue to focus on our strategic objective of achieving profitable, sustainable growth and will continue to adapt and innovate in the current challenging market conditions.”
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