Tata Motors posts Rs 1,009 cr loss for July-Sept
Tata Motors Wednesday reported a consolidated net loss of Rs 1,009 crore for the second quarter ended September 30, 2018, mainly due to a weak performance by its British arm Jaguar Land Rover (JLR).
The company had reported a net profit of Rs 2,501.67 crore in the July-September quarter of 2017-18.
Total revenue from operations, however, rose 3.3 per cent to Rs 72,112.08 crore as compared to Rs 69,838.68 crore in the year-ago period, Tata Motors said in a regulatory filing.
On a standalone basis, the company reported a net profit of Rs 109.14 crore. It had reported a net loss of Rs 283.37 crore in the second quarter of 2017-18.
Total revenue from operations grew to Rs 17,758.69 crore during the quarter from Rs 13,310.37 crore in the same period of 2017-18.
Standalone volume rose 25 per cent to 1,90,283 units driven by robust sales of commercial and passenger vehicles.
JLR revenue, however, declined 11 per cent to 5.6 billion pounds.
Commenting on the results, Tata Group Chairman N Chandrasekaran said the Tata Motors' domestic business continued to deliver strong improvement in operational and financial performance by implementing the Turnaround 2.0 strategy effectively.
"We have improved our market shares whilst delivering robust improvement in profitability in both the commercial vehicles and passenger vehicles and generated positive free cash flows," he added.
This strong performance in the face of an intensely competitive market situation augurs well for the future, Chandrasekaran said.
"In JLR, market conditions, particularly in China, have deteriorated further. To weather this volatile external scenario, we have launched a comprehensive turnaround plan to significantly improve our free cash flows and profitability," he added.
The leadership team at JLR is in mission mode to achieve the deliverables under this plan, Chandrasekaran said.
"With these concerted actions we remain committed to deliver an improved all-round performance from H2 FY 19," he added.
Tata Motors shares today settled 0.76 per cent up at Rs 178.65 on BSE.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)