Following three years of supply constraints due to semiconductor shortages, inflation, energy crisis, and geopolitical instability, JLR has firmly re-established its financial stability in FY24, says Natrajan Chandrasekaran, the Chairman of Tata Motors, adding that the UK company has successfully laid “the foundations for the next chapter of its Reimagine strategy.”
Addressing shareholders in the company’s 79th annual report, Natarajan Chandrasekaran says: “JLR is poised to embark on an exciting phase, doubling down on its journey to become a premium luxury OEM.”
The chairman of Tata Motors claims that the premium luxury market is a strong, resilient, and aspirational market position that requires a strong brand heritage, stunning products, cutting-edge technology, and an intuitive, personalised customer experience. JLR is well on its way to further strengthening its credentials through its cult British brands of Range Rover, Defender, Discovery, and Jaguar.
“We are committed to delivering strong revenue growth, improving profitability, driving positive free cash flows, enhancing customer love, and investing in cutting-edge products and technologies. An exciting range of products lined up to be launched over the next 3 years needs to be delivered successfully,” says Chandrasekaran.
He points out that JLR unveiled a new ‘House of Brands’ approach and a new look of its corporate identity last year to accelerate the delivery of its vision of being the proud creators of modern luxury.
Reviewing the earnings for FY24, the chairman notes that the business recorded its highest-ever annual revenue of £29 billion (+27%), PBT (bei) of £2.2 billion, and record free cash flow of £2.3 billion in FY24.
Chandrasekaran says JLR will continue to invest in products, platforms, electrical and electronic architectures, and vehicle software to provide a world-class in-cabin and all-around customer experience to its clientele.
He states that the first electric Range Rover will be launched later this year, and further EVs, including the all-electric Jaguar, are lined up for coming years.