Jaguar Land Rover has recently announced its financial results for the October-December 2023 quarter. Revenue for the quarter was £7.4 billion, up 22% compared to the third quarter of 2023. Revenues for the nine months up to to 31 December 2023 they were £21.1 billion, JLR's highest ever in the first nine months of a financial year and up 35% on the previous year.
Useful
Profit before tax and special items (PBT) in the quarter was £627m, up from £265m a year earlier EBIT margin was positive at 8.8%, higher which doubled compared to 3.7% a year ago. Higher year-over-year profitability reflects favorable volumes and reduced chip costs, partially offset by unfavorable fixed marketing, administration and FX revaluation compared to a year ago.
Profits
Profit after tax in the quarter was £592 million, compared with a profit of £261 million in the same quarter a year ago. PBT YTD was £1.5 billion and PAT YTD was £1.2 billion.
Free cash flow
Free cash flow for the period was £626m. At the end of the quarter, total liquidity was £4.3 billion and net debt was £1.6 billion, with gross debt of £5.8 billion. Total liquidity was £5.8 billion, including the undrawn revolving credit facility of £1.52 billion due 1 April 2026.
Forecasts
Looking ahead, the Company is on track to achieve its profitability and cash flow goals. EBIT margin for FY24 is expected to be above 8% and we continue to expect operating cash flow to support net debt of less than £1 billion by the end of FY24 and positive net cash in FY25.
“We delivered a further exceptional financial performance in the third quarter, with our best quarterly profit in seven years and our highest ever revenue for the first nine months of a financial year,” commented Adrian Mardell, CEO of JLR. “Sales of our modern luxury vehicles reached new records in the quarter and we are thrilled by the strong customer interest in our upcoming Range Rover Electric launch. I must attribute these achievements to all our talented and dedicated people, who work tirelessly to bring our exceptional modern luxury cars to market. Looking ahead, we are aware of the challenges the company will face, but we are confident that we will continue to successfully pursue our Reimagine strategy.”
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