Tata Motors net loss narrows to Rs 217 crore

PUNE: Tata Motors, India’s biggest automaker by revenues, on Friday reported a 79 per cent year-on-year fall in its net loss at Rs 216.56 crore for the September quarter.

The Mumbai-headquartered firm had reported a net loss of Rs 1,048.80 crore in the same quarter of the last financial year.

The profit before tax of its British luxury arm Jaguar Land Rover (JLR) stood at 156 million pounds.

The group's consolidated revenue fell 9.15 per cent at Rs 64,763.39 crore, lower than Rs 71,292.79 crore in the same quarter last year.

Consolidated Ebitda came at Rs 7,045 crore while consolidated Ebitda margin stood at 10.8 per cent.

The company said growth continues to be affected by subdued demand, higher axle load norms, liquidity stress, low freight availability for cargo operators and general economic slowdown.

However, the performance of Land Rover improved during Q2FY20 as the revenue of this segment improved 8 per cent to 6 billion pounds.

“Jaguar Land Rover has returned to profitability and revenue growth. This is a testament to the fundamental strength of our business, our award-winning products, new technologies and operating efficiencies. We will continue our product offensive, broadening our range of electrified vehicles on the journey towards our destination zero future,” Ralf Speth, CEO at JLR said.

Standalone revenue of the company stood at Rs 10,000.5 crore.

Standalone net loss came at Rs 1,282 crore for Q2FY20 against the profit of Rs 109,14 crore in Q2FY19.