Tata Motors stock hits all-time high on strong performance of Jaguar Land Rover in H1 FY24
Jaguar Land Rover India's sales in H1 FY24 show substantial growth, with Q2 experiencing remarkable year-on-year growth.
Tata Motors' stock surged over 4% to reach a record high as its subsidiary, Jaguar Land Rover (JLR) India, announced its strongest-ever performance in the first half of the 2023-24 fiscal year.
The stock reached an all-time high of ₹665.50, marking a remarkable 77 per cent increase from its 52-week low of ₹375.50, recorded on December 26, 2022.
In the first half of FY24, Tata Motors' JLR India reported sales of 2,356 units, a substantial increase from the 1,194 units sold in the same April-September period the previous year. This impressive growth was propelled by record sales in both quarters, with Q2 experiencing a remarkable 108 per cent year-on-year growth, resulting in sales of 1,308 units. Q1 had also seen a significant 102 per cent sales growth compared to the previous year.
JLR India's Managing Director, Rajan Amba, said the growing appeal of their brand and products among Indian consumers, expressing their commitment to introducing new products tailored to customer needs and enhancing the brand's desirability and customer experience.
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The order book for FY24 reflects consistent growth, with the first half's closing order book being 90 per cent higher compared to the same period the previous year. Models like Range Rover, Range Rover Sport, and Defender are in high demand, accounting for 72 per cent of the total order book. JLR India noted that the current total order book is equivalent to more than eight months of sales.
Furthermore, Defender emerged as the top-selling model, with 1,000 units sold in the first half of this fiscal year. Additionally, the company reported an 83 per cent growth in its certified pre-owned business during the first half of FY24.
Inputs from PTI