Jaguar Land Rover financial result for the first quarter of 2012

For the first quarter of 2012 Jaguar land Rover sales increased by 48.2% and stood at 98,021 units. Taking sales of only jaguar into account these sales figures stood at 14,118 units while sales of Land Rover were at 83,903 units. Much of this rosy picture could be contributed to the success to the newly launched Range Rover Evoque of which 60,217 units were sold till March 2012.

Sales were particularly strong in China which is one of the fastest growing auto markets as on date. Sales in the region were up 19.0% in Q1-12 as compared to 12.8% in the previous year. Jaguar Land Rover sales in the year 2011-12 stood at 314,433 units resulting in a growth of 29.1% over the previous year. Sales of Jaguar were at 54,039 units and that of Land Rover were at 260,394 units.

Jaguar Land Rover has also signed a joint venture agreement with Chery Automobiles Company Limited so as to produce more vehicles for the Chinese markets which are currently under the process of regulatory approvals by Chinese authorities. Also last month Jaguar Land Rover approved a consolidation business with jaguar Cars Limited and Land Rover to be one common entity called Jaguar Land Rover Limited which will come into effect during the later part of this year.

News release: Jaguar Land Rover PLC – (figures as per IFRS)

Jaguar Land Rover Sales for the Quarter ended March 31, 2012, grew 48.2% to 98,021 units. Of this, the Jaguar volumes for the period stood at 14,118 units and Land Rover volumes stood at 83,903 units. The recently launched new products continue to receive positive response. The newly launched Range Rover Evoque, clocked approximately 60,217 wholesale units till March 2012. Sales from the China region grew strongly and comprised 19.0% of total volumes for the Quarter ended March 31, 2012 as against 12.8% for the corresponding period last year.

Jaguar Land Rover sales for FY 2011-12, stood at 314,433 units, the highest ever, representing a growth of 29.1% as compared to the corresponding period last year supported by new product actions and strong demand in China and other developing markets. The Jaguar volumes for the period stood at 54,039 units and Land Rover volumes stood at 260,394 units.

Revenues for the Quarter ended March 31, 2012, of GBP 4,144 million represented a growth of 51.5% over GBP 2,735 million in the corresponding quarter last year. Operating margins for the Quarter ended March 31, 2012, stood at 14.6% and an Operating Profit (EBITDA) of GBP 605 million in the quarter, a growth of 61.5% over GBP 375 million in the corresponding quarter last year. Continued strong revenue and profit performance was supported by volume growth, market mix, product mix and favourable exchange rates. The PBT for the quarter is GBP 530 million (GBP 299 million in the corresponding quarter last year) and the PAT for the quarter is GBP 696 million (GBP 262 million in the corresponding quarter last year). The PAT includes an amount of GBP 217 million (additional GBP 171 million through Reserves) of previously unrecognised deferred tax assets, due to uncertainty about future recoverability which have now been recognised due to sustained improvement in business performance and certainty of future profitability outlook.

The revenues for FY 2011-12, at GBP 13,512 million represented a growth of 36.9% over GBP 9,871 million in the corresponding period last year. Operating margins for the FY 2011-12, stood at 15.0% and an Operating Profit (EBITDA) of GBP 2,027 million, a growth of 35.0% over GBP 1,502 million in the corresponding period last year. The Profit before Tax (PBT) for FY 2011-12 is GBP 1,507 million as compared to GBP 1,115 million for FY 10-11. The Profit After Tax for FY 2011-12 is GBP 1,481 million as compared to GBP 1,036 million in FY 10-11.

In March 2012, JLR successfully raised bonds of £500 million with a coupon of 8.25% and tenor of 8 years. The full proceeds were retained at JLR for future use in the company’s business. This was an opportunistic fund raising which enabled JLR reinforce its market acceptance and demonstrated the confidence of the investors while continuing to support steps taken towards strengthening capital structure and extending the debt maturity profile.

In March 2012, JLR announced that it has signed a joint venture agreement with Chery Automobile Company Ltd to build vehicles for the Chinese market which is currently under the process for regulatory approvals by the Chinese authorities.

In March 2012, JLR approved the consolidation businesses of Jaguar Cars Limited and Land Rover into one legal entity to be named Jaguar Land Rover Limited. The consolidation is expected to become effective later this year.

Tata Daewoo

Tata Daewoo Commercial Vehicles Co. Ltd. registered net revenues of KRW. 767 billion, and recorded a Net profit of KRW 3.6 billion in FY 2011-12.

Tata Motors Finance

Tata Motors Finance Ltd, the Company’s captive financing subsidiary, registered net revenues of Rs. 2,018 crores and reported a Profit After Tax of Rs. 240 crores in FY 2011-12.

Dividend

The Board of Directors has recommended dividend of Rs 4/- per Ordinary Share of Rs 2/- each and Rs 4.10 per ‘A’ Ordinary Shares of Rs 2/- each for the financial year 2011-12 (previous year Rs 20/- per Ordinary Share of Rs 10/- each and Rs 20.50 per ‘A’ Ordinary Shares of Rs 10/- each), subject to approval of the Shareholders. Tax on dividend will be borne by the Company.