Tata Motors on Friday reported its net loss widened to Rs 8,437.99 crore in the quarter ended June 30 from Rs 3,698.34 crore in the corresponding period a year ago, as the coronavirus crisis hammered sales in several of its key markets. In a regulatory filing after market hours, Tata Motors said its revenue from operations came in at Rs 31,983.06 crore in the first quarter of current financial year, down 47.97 per cent compared to the year-ago period.
“In India, the nationwide lockdown resulted in the production and retailer shutdowns for major part of the quarter and heavily impacted the volumes,” Tata Motors said.
Tata Motors-owned luxury car maker Jaguar Land Rover’s revenue declined 44 per cent to 2.98 billion pounds, resulting in a loss before tax of 413 million pounds, the Mumbai-based auto maker said. Jaguar Land Rover’s sales fell 42 per cent to 74,100 units globally.
JLR accounts for most of Tata Motors’ revenue.
The auto maker said its outlook remains uncertain for the year with COVID-19 infections continuing to rise and intermittent lockdowns in many countries.
However, the company said it expects a gradual recovery of demand and supply in the coming months. “For the rest of FY21, Jaguar Land Rover will continue to manage costs and investment spending rigorously,” the company said.
“Jaguar Land Rover has reacted with resilience and agility to the extraordinary challenges faced in the first three months of FY21 adapting rapidly to the widespread macroeconomic disruption and uncertainty,” said Ralf Speth, chief executive officer, JLR.
Tata Motors shares closed 0.96 per cent higher at Rs 104.70 ahead of the earnings announcement, outperforming the benchmark Sensex index which ended 0.34 per cent lower.