Despite strong demand from China where sales jumped 76% to 50,994, the UK is still the biggest market for Jaguar Land Rover. In 2011-2012 the group made pre-tax profits of £1.5bn, up from £1.12bn the year before and retail sales were up 27% to 305,859 units, Four years after JLR was sold to Indian industrial conglomerate Tata, amidst fears about its ability to survive the company is booming. Since its acquisition, Tata has invested billions of pounds to make the company what it is today, a vital contributor to the parent company's bottom line, as well as a large and growing employer of some 21,000 people in the UK. The recently launched models, such as the Range Rover Evoque and the Jaguar XF, have been vital to the company's revival, especially in Asia where its sales growth has been the strongest. In the coming years, JLR will speed up its new model roll-out as part of its role as a technology-inspired carmaker with decades of heritage.
JLR's pre-tax profits for the quarter ended 31 March were £530m, up from £299m for the same quarter last year. Revenues were up 51.5% at £4.14bn. JLR's parent company Tata Motors also reported results. Net profit for the year to the end of March came in at 135.7bn rupees (£1.6bn), up 47% from the previous year. Although the UK remains Jaguar Land Rover's biggest market, with retail sales of 60,022, up 3.2%, the group now exports 80% of its production. Sales to India rose 153.3% to 2,138, while sales to Brazil rose 62.2% to 9,027, as buyers in emerging markets warmed to the luxury brand. Its top five markets are UK 60,022 sales, North America 58,003 sales, China 50,994 sales, Russia 16,142 sales and Germany 13,675 sales.
Commenting on the results, Ralf Speth, JLR chief executive, said, 'The announcement is a positive reflection of the continued level of consumer confidence in both of our brands. These record earnings, driven by strong product demand and operating efficiencies, give JLR the financial impetus to sustain its ongoing investment programme.'
During March this year, JLR announced a joint venture agreement with Chinese manufacturer Chery Automobile, to build vehicles for the domestic Chinese market but the agreement is awaiting regulatory approval from the Chinese authorities.