Jaguar Land Rover Monthly sales January 2013

Jaguar and Land Rover (JLR) registered better-than-expected wholesale volume growth of 30.3% yoy (18.2% mom) to 38,173 units; against our expectations of 35,500 units. The growth was driven by strong performance across the Jaguar and Land Rover brands. Jaguar sales registered a robust 41.6% yoy (18.3% mom) growth led by the introduction of the model year 2013 models - XF Sportbrake, XF AWD and smaller engine variants of XF and XJ. Land Rover sales too grew at a robust rate of 28.2% yoy (18.2% mom) primarily driven by Evoque, Freelander and the new Range Rover. While, the Evoque and Freelander models continue to benefit from the availability of additional capacity (due to third shift at Halewood plant); the new Range Rover grew on the back of ramp-up in deliveries. We expect the volume performance to improve in 4QFY2013 led by ramp-up at the Halewood plant which would boost the production of Evoque and Freelander. Further dispatches of the new Range Rover, and AWD and smaller engine variants of XF and XJ will also aid volume growth going ahead. We retain our positive view on JLR and expect a ~15% volume CAGR over FY2012-14 driven by Evoque and new product launches (Range Rover, Range Rover Sport, Jaguar XF Sportbrake and AWD and smaller engine options in the XF and XJ models). Further, a favorable market and product-mix and stable commodity prices will help mitigate raw-material cost pressures. Source: Angel Broking

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