Driving Naari Programme launched in Chandigarh
In Q1FY24, JLR reported a robust 29.9% y-o-y rise in volumes and is likely to report a positive FCF of over GBP 400 mn.
JLR continues to enjoy strong demand reflected in the order book of 185,000 units. The demand for JLR’s most profitable models has been strong as 76% of its order book is constituted by Range Rover, Range Rover Sport and Defender.
Outlook
We maintain a Buy with revised PT of Rs 720 in expectation of continued improvement in JLR, PV and CV business along with reduction in net automotive debt from current levels.
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