Tata Motors on Friday reported its web loss widened to Rs 8,437.99 crore within the quarter ended June 30 from Rs 3,698.34 crore within the corresponding interval a yr in the past, because the coronavirus disaster hammered gross sales in a number of of its key markets. In a regulatory submitting after market hours, Tata Motors mentioned its income from operations got here in at Rs 31,983.06 crore within the first quarter of present monetary yr, down 47.97 per cent in comparison with the year-ago interval.
“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 mentioned.
Tata Motors-owned luxurious automobile maker Jaguar Land Rover’s income declined 44 per cent to 2.98 billion kilos, leading to a loss earlier than tax of 413 million kilos, the Mumbai-based auto maker mentioned. Jaguar Land Rover’s gross sales fell 42 per cent to 74,100 items globally.
JLR accounts for many of Tata Motors’ income.
The auto maker mentioned its outlook stays unsure for the yr with COVID-19 infections persevering with to rise and intermittent lockdowns in lots of nations.
However, the corporate mentioned it expects a gradual restoration of demand and provide within the coming months. “For the rest of FY21, Jaguar Land Rover will continue to manage costs and investment spending rigorously,” the corporate mentioned.
“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,” mentioned Ralf Speth, chief government officer, JLR.
Tata Motors shares closed 0.96 per cent increased at Rs 104.70 forward of the earnings announcement, outperforming the benchmark Sensex index which ended 0.34 per cent decrease.