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Tata Motors on released their quarterly financial report for the quarter ended in September with a net consolidated loss of Rs 1,048.80 crores. Tata Motors in the corresponding quarter of the preceding year had posted a profit of Rs 2,482.78 crores. According to the company’s statement, its high-end car unit Jaguar Land Rover (JLR) registered a loss of 101 million pounds during the said quarter.
Tata Motors’ total revenue during Q2FY19 expanded to Rs 72,729.30 crores as compared to Rs 70,344.76 crores in the same quarter period the previous year. On a standalone basis, the company registered a net profit of Rs 109.14 crores for the September-end quarter as against a loss of Rs 283.37 crore last year.
JLR’s single-biggest market and one of its most profitable, China, witnessed a sudden decline in earnings in the said quarter as retails dropped 44% to 21,096 units. JLR’s global retail sales declined by 13% to 129,887 vehicles from the last year same quarter period.
Guenter Butschek, CEO and MD, Tata Motors, said, “Our solid all-around performance in Q2FY19 has impressively demonstrated that Tata Motors ‘Turnaround 2.0’ is in full swing. The continued improvements were made possible due to a robust product and innovation pipeline, strong market activation, rigorous cost reductions and structural process improvements.”
However, Ralf Speth, Chief executive officer at JLR stated, “I haven’t seen so many political developments affecting the business. I can’t do anything about it. It’s the slowest growth (in sales)—in perhaps a decade,” adding he sees “a very, very weak market situation in the premium segment.”
