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Tata Motors Ltd. reported muted Q2 FY23 results.
Consolidated total operating income for the quarter came in at Rs 79,611 crore, up 10.7% QoQ. Reported Ebitda for Q2 FY23 was at Rs 8,718 crore with corresponding Ebitda margins at 11%, up 280 basis points QoQ.
Jaguar Land Rover wholesales at 89,899 units were up 8.9% QoQ with revenues up 19.4% QoQ at £5.3 billion. Margins were at 10.3%.
The performance in Q2 FY23 was impacted by semi-conductor (chip), which could not be sourced from another supplier.
Tata Motors’ commentary on demand outlook remained strong despite semiconductor shortages affecting JLR wholesales, inflationary scenario impacting foreign economy, and lockdown in China with order book of 2.05 lakh units for JLR as of Q2 FY23 end versus 2 lakh units as of Q1 FY23. The company received 92,000 new orders in Q2 FY23.
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