Jaguar Land Rover India nearly doubled its net profit to Rs 267 crore in the fiscal year ending March 2023, according to the luxury carmaker's most recent corporate filings with the Ministry of Corporate Affairs (MCA). On a year-on-year (YoY) basis, its revenues increased by 48% to Rs 2240 crore during the same period, on the back of rising demand.
The company reported Rs 134 crore during FY22 on a revenue of Rs 1493 crore, as the latest financials sourced from MCA by data analysis firm Tofler revealed.
In FY23, Jaguar Land Rover India sold 2,449 units, compared to 2,173 in FY22. While there was a strong demand for products in the market, the company was unable to meet this demand due to a constrained supply of vehicles. The Defender was the highest selling model in fiscal 2023 and has now sold close to 1,100 units since its launch in October 2020, the company added.
The development comes on the back of recent reports suggesting that the luxury car vehicle market in India will hit a record high of 42,000–45,000 units by the end of CY23, which would be impressively higher than the 41,000 units recorded during the previous high of 2018.
Jaguar Land Rover (JLR), the overseas luxury passenger vehicle arm of Mumbai-based Tata Motors, has been subject to volatile earnings and cash flow generation. However, with indigenous work on the product side, cost initiatives, and the consequent lowering of breakeven levels, JLR is on the path to healthy profitability. JLR has guided over 4 lakh wholesale volumes for FY24.