Tata Motors speeds to Q4 loss, sales fall

Tata Motors speeds to Q4 loss, sales fall 

 

Tata Motors Ltd. has revealed aggressive cost reduction and deleveraging plans after it reported a consolidated net loss of ₹9,894.25 crore for the fourth quarter ended March 31, compared with a profit of ₹1,117 crore a year earlier. Lower vehicle sales and the impact of COVID-19 on its domestic and the Jaguar Land Rover (JLR) luxury car unit hurt the business.
JLR recorded a loss of £501 million while the domestic business of Tata Motors witnessed a loss of ₹4,871 crore.
The losses include an exceptional item of ₹2,500 crore related to asset writedowns in the domestic business. Revenue during the quarter declined 28% to ₹62,493 crore.
For the year ended March 31, the company reported a consolidated net loss of ₹12,071 crore compared with a loss of ₹28,826 crore in the previous year.
The domestic business reported a loss of ₹7,290 crore for the year, compared with a net profit of ₹2,021 crore. The company’s consolidated revenue for the financial year declined 14% to ₹2,61,068 crore.

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