New Delhi: Tata Motors on Tuesday posted a consolidated net loss of Rs 307.3 crore for the quarter ended September 30.
It reported a loss of Rs 187.70 crore in the corresponding quarter last year.
Firm’s total revenue from operation declined 18.19% Y-o-Y at Rs 53,530 crore during the quarter under review.
Guenter Butschek, CEO and MD, Tata Motors, said “With health, safety and wellbeing of our employees and the supporting ecosystem at the forefront, we scaled up capacity while prudently addressing supply chain bottlenecks. In PV, we accelerated the momentum built in Q1FY21 and saw demand gradually emerge in select segments of CV. We remain hopeful for a full recovery in the CV industry by the end of this fiscal year aligned to the overall improvement in the economy.”
According to the company, Jaguar Land Rover‘s (JLR) has returned to profit with significant positive cash flow in the quarter as sales and revenue recovered from the impact of Covid-19 in Q1 but remain below pre-Covid levels a year ago.
“Retail sales of 113,569 units were up 53.3% q-o-q with almost all retailers now open. However, retail sales in most markets continued to be impacted by Covid-19 and so were down 11.9%
in total year-on-year,” it added. JLR’s China sales were particularly encouraging, up 14.6% on the prior quarter and 3.7% year-on-year.
Going forth, the company will focus on conserving cash by rigorously managing cost and investment spends to protect liquidity. It has called out a cash improvement program of Rs 6,000 crore including a cost improvement program of Rs 1,500 crore. “Due to these actions, the company expects improving cash flows for the remainder of the year,” the automaker said.