Tata Motors have reported a net loss of Rs 26,961 crore for the quarter ended December 2018 hugely affected by an exceptional item of asset impairment of Rs 27,838 crore.
The company had reported profit of Rs 1,214.6 crore in the same quarter last fiscal. The company’s consolidated revenue was at Rs 77,001 crore, while operating profit was at Rs 6,522 crore. The standalone net profit was at Rs 618 crore, while revenue stood at Rs 16,208 crore. The weak sales in China and destocking has impacted JLR numbers. The December quarter JLR revenue was at 6.2 billion pounds, while the loss stood at 3,129 million pounds.
The finance costs increased by Rs 321 crore to Rs 1,568 crore during Q3FY19 versus same quarter prior year.
Guenter Butschek, CEO and MD, Tata Motors, said “Fiscal year 2019 so far has been a challenging period for the industry. Despite the muted growth, Tata Motors has delivered strong results, registered an impressive profitable growth this year on the back of exciting products, renewed brand positioning and aggressive cost reduction.”
In this year, the company’s market share in CV was up 60 bps while PV was up 50 bps. The commercial vehicles (CV) growth was impacted by liquidity stress and higher capacity arising from axle load norm changes, company said in release.
Meanwhile, the passenger vehicles (PV) continues to outperform the industry with the new products kick starting its growth. Company has a strong profitability in CV, while EBITDA was steady despite challenging market conditions, it added.
At the close, Tata Motors ended at Rs 182.90, up Rs 4.70, or 2.64 percent on the BSE.
