Jaguar Land Rover (JLR), in a presentation to investors on June 12, said it is targeting an estimated annual revenue of £28 billion in fiscal year 2024. The company also noted that its average revenue per unit currently stands at over £70,000.
The revenue for FY26 has been targeted at around £30 billion, interim chief executive officer Adrian Mardell was shown as projecting in a presentation to the investors, which was shared by the parent company, Tata Motors, with the Indian stock exchange BSE.
Mardell also noted that the company is targeting earnings before interest and taxes (EBIT) margin of 6 percent in FY24 and 10 percent in FY26.
Richard Molyneux, the company's interim Chief Financial Officer, pointed out that the average revenue per unit has been consistently rising over the past few years. From close to £45,000 in FY19, it has risen to over £70,000 in FY23, he showed in a presentation to the investors.
The company also highlighted its strong performance in the fourth quarter of FY23, with the revenue climbing to £7.1 billion, EBIT coming in at 6.5 percent, profit before tax at £368 million and free cash flow at £815 million.
Earlier in the day, JLR Chairman N Chandrasekaran said the transformation of Jaguar into an all-electric luxury brand is on track with the first new vehicles to be launched in 2025.
"I am pleased that the company is progressing well in its transformation journey and is set to become a modern luxury vehicle business, with sustainability at its heart," he informed the shareholders.
"I am also pleased to see Jaguar Land Rover's collaboration and active partnerships enabling it to leverage synergies across the Tata Group of companies," Chandrasekaran added.
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