branch company Jaguar Land Rover (JLR) Shares of auto major Tata Motors jumped over 4 per cent to their record high on Friday after India reported its highest-ever performance in the first half of the financial year 2023-24 (FY24). The company reported a year-on-year (YoY) growth of over 97 per cent in its total sales in April-September to 2,356 units from around 1,194 units in the same period last year.
Tata Motors shares at all-time high
The stock rose 4.4 percent to its all-time high of ₹665.50. It has advanced more than 77 percent from its 52-week low of ₹375.50 on December 26, 2022. The auto major has gained over 60 per cent in the last 1 year and over 71 per cent in 2023 YTD, delivering positive returns in 8 out of 10 months so far. There has been an increase of 5.5 percent so far in October. In comparison, the Nifty Auto index is up nearly 30 percent in the last 1 year as well as 2023 YTD.
102 percent sales growth in Q1
This growth in H1FY24 was driven by record sales in both quarters. Meanwhile, the September quarter (Q2FY24) also saw a massive growth of 108 per cent year-on-year at 1,308 units. It had earlier recorded 102 percent sales growth in Q1 on an annual basis.
Statement by Rajan Amba, Managing Director of JLR India
JLR India Managing Director Rajan Amba said. “The continued growth in our order book exemplifies the growing strength of our brand and products in the hearts of Indian consumers. The company will continue to introduce new products that are best suited to meet the discerning needs of customers and strengthen the desire for the brand.” “And invest in customer experience,”
defender best selling model
The firm also revealed that its order book for FY2014 has seen steady growth, with the first half being up 90 per cent year-on-year. JLR said that there remains strong demand for Range Rover, Range Rover Sport and Defender, which are contributing 72 percent to the total order book. It said that Defender was the best-selling model in the first half of this financial year with sales of 1,000 units.
Pre-owned business grew 83 percent
Additionally, the company also reported that its certified pre-owned business grew by 83 percent in the first half of FY2024. Meanwhile, Tata Motors’ total domestic sales in the month of September stood at 82,023 units, which is 2 percent higher year-on-year.
Commercial vehicle sales increased 12 percent to 39,064 units from 34,890 units.
However, its total commercial vehicle sales increased by 12 percent to 39,064 units from 34,890 units. At the same time, its passenger vehicle sales, including electric vehicles, in the domestic market declined by 6 percent last month to 44,809 units, whereas in September 2022 it was 47,654 units. Meanwhile, including international markets, electric vehicle sales stood at 6,050 units as against 3,864 units in the same month a year ago, a growth of 57 per cent.
Tata Motors shares gave a return of 48.73 percent in the last six months.
Tata Motors shares have given a return of 48.73 percent in the last six months. During the same period, the benchmark Nifty 50 gave a return of 12.88 percent.