Tata Motors shares soar on JLR's impressive H1 FY24 performance
Tata Motors' stock soared to an all-time high as its subsidiary, Jaguar Land Rover (JLR) India, posted its best-ever performance for the first half of FY24. The automaker saw a 97% year-on-year (YoY) increase in total sales from April to September, selling 2,356 units compared to 1,194 units during the same period last year. The stock jumped 4.4% to its record high of Rs. 665.50, surging over 77% from its 52-week low of Rs. 375.50 on December 26, 2022.
Strong sales growth in Q1 and Q2 of FY24
JLR India's impressive growth in H1 FY24 was driven by record sales in both quarters. The second quarter (Q2 FY24) witnessed a massive 108% YoY growth with 1,308 units sold, following a 102% sales increase in Q1 on a yearly basis. JLR India's Managing Director Rajan Amba said that the steady growth in their order book reflects the brand's growing strength among Indian consumers and their dedication to launching new products tailored to customer needs.
Key contributors to JLR's order book growth
The order book for FY24 has consistently grown, with the first half closing higher by 90% YoY. Range Rover, Range Rover Sport, and Defender models have been in high demand, accounting for 72% of the total order book. The Defender was the top-selling model with sales of 1,000 units in the first half of this financial year. Moreover, JLR's certified pre-owned business expanded by 83% during H1 FY24.
Tata Motors' overall sales performance
In September, Tata Motors reported total domestic sales of 82,023 units, a 2% YoY increase. The company's total commercial vehicle sales rose 12% YoY to 39,064 units, while passenger vehicle sales in the domestic market, including electric vehicles, dipped 6% to 44,809 units. However, electric vehicle sales, including international markets, experienced a 57% growth with 6,050 units sold in comparison to 3,864 units in the year-ago month.
