Auto major Tata Motors reported a consolidated net loss of Rs 1,863 crore for the quarter ended June 30 on account of losses at its luxury car unit Jaguar Land Rover (JLR). The automobile major had earned a profit of Rs 3,200 crore in the year-ago quarter. Tata had recently tied up with Cognizant to provide the IT giant with 10 Tigor Electric Vehicles (EVs) which would deploy in its city campus as part of its commitment to a sustainable environment on Wednesday.
According to the quarterly results, total revenue from operations stood at Rs 67,081 crore, up 14.7 per cent from the corresponding quarter last fiscal. JLR, the company's UK subsidiary, has reported a loss of 210 million pounds in the April-June quarter. Its revenue fell 6.7 per cent year-on-year to 5,222 million pounds "primarily as a result of the lower wholesales and increased incentives in China in advance of the 1 July duty reduction".
"With regards to JLR, we faced multiple challenges including temporary issues like China duty impact as well as the market issues like diesel concerns in UK and Europe," Tata Motors Chairman Natarajan Chandrasekaran was quoted as saying in a statement.
However, the Indian operations (standalone) reported a net profit of Rs 1,188 crore on a net revenue of Rs 16,803 crore, which was up 83 per cent from the year-ago quarter. In an unrelated development, the company said it has stopped current manufacturing operations in Thailand as the business model there was not sustainable. However, the company will continue to address the Thailand market with a revamped product portfolio suitable to local market needs.
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