Tata Motors on good roads
Tata Motors has been figuring among the top gainers on the BSE today, rising 7.5% to hit an intraday high at Rs.417.70 and is currently trading around the same levels.
The market as given a thumbs up to the performance of JLR for Q3FY23. The company said that its global wholesales in Q3FY23, including Jaguar Land Rover, were at 3,22,556 nos., higher by 13% (YoY).
Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3FY23 were at 97,956 nos., lower by 5% while that of passenger vehicles were up 23% at 2,24,600 nos.
Global wholesales for Jaguar Land Rover were 92,345 vehicles (**JLR number for Q3FY23 includes CJLR volumes of 12,754 units). Jaguar wholesales for the quarter were 16,275 vehicles, while Land Rover wholesales for the quarter were 76,070 vehicle.
More importantly, JLR forecast free cash flow for the third quarter at more than 400 million pounds ($485 million), on the back of strong demand and improved chip supply.