Tata Motors loss widens in June quarter
1 min read . Updated: 25 Jul 2019, 04:50 PM IST- The company reported a higher-than-expected consolidated loss of ₹3,679.66 crore
- Revenue for the quarter fell 7.77% year on year
NEW DELHI: Mumbai: Tata Motors Ltd on Thursday said its net loss for June quarter widened from a year ago due to weak demand in the domestic market and a slowdown in China that has hit Jaguar Land Rover sales. The company reported a consolidated loss of ₹3,679.66 crore in the quarter against ₹1,902.37 crore a year ago. Bloomberg analysts on average expected a loss of ₹2,036 crore.
Revenue for the quarter fell 7.77% year on year to ₹60,830.16 crore.
"The continued slow down across the auto industry due to weak consumer sentiments, liquidity stress and the impact of axle load effect particularly in medium/heavy duty, impacted overall demand," said Guenter Butschek, CEO and MD, Tata Motors.
On standalone basis, the company reported a loss of ₹97.10 crore versus a profit of ₹1,187.65 crore last year. Revenue stood at ₹13,250.19 crore, down 20.14% from a year ago.
"With China stabilizing and an exciting product lineup, JLR expects to return to growth soon and its financial results to improve over the balance of the year. Tata Motors Group is confident to address these challenges and remains committed to deliver competitive, consistent and cash accretive growth over the medium to long term," the company said in a notice to exchanges.
On Thursday, Tata Motors Ltd closed at ₹144.35 on BSE, down 4.56% from previous close while India's benchmark Sensex Index fell 0.04% to 37830.98 points.
