Tata Motors on Thursday reported a consolidated net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by asset impairment in its British arm Jaguar Land Rover (JLR). The company had reported a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. The auto major said profit was impacted by an exceptional item of asset impairment in its British arm Jaguar Land Rover (JLR) of Rs 27,838 crore (3.1 billion pounds).
Total revenue from operations, however, rose 4.36 per cent to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing.
On a standalone basis, the company posted PAT of Rs 617.62 crore as against Rs 211.59 crore in the year-ago quarter. Total standalone income rose to Rs 16,477.07 crore as against Rs 16,186.15 crore in the same period of previous fiscal.
JLR’s revenue, however, declined 1 per cent to 6.2 billion pounds. Tata Group Chairman N Chandrasekaran said the company’s domestic business continues the strong momentum and has delivered market share gains as well as profitable growth.
“The turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth,” he added.
In JLR, the market conditions continue to be challenging particularly in China, Chandrasekaran said. “The company has taken decisive steps to step up competitiveness, reduce the costs and improve the cash flows while continuing to invest in exciting products and leading edge technologies. With these interventions, we are building Tata Motors group to deliver strong results in the medium term,” he added.
Tata Motors shares Thursday settled 2.64 per cent up at Rs 182.90 on the BSE.