Mumbai: Tata Motors Ltd on Friday posted a consolidated net loss of ₹8,438 crore for the June quarter, against a net loss of ₹3,698 crore in the year-ago period, due to covid-19 led disruptions.
Consolidated revenue from operations fell 48% YoY to ₹31,983 crore on the back of lower vehicle production and sales during the June quarter.
Tata Motors’ British luxury car subsidiary, Jaguar Land Rover (JLR) reported revenues of ₹27,374 crore, down 40% YoY. It has posted a loss of about ₹3,500 crore during the June quarter as against a loss of ₹2,391 crore a year ago.
In July, JLR had reported retail sales of 74,067 units, down 42% YoY for the June quarter. It had pointed out that retail sales had improved sequentially month-on-month through the quarter after the pandemic forced temporary closure of its manufacturing units and most retailer outlets in Europe in April and much of May.
Retail sales in China, one of its largest markets, saw strong recovery during Q1FY21, with sales down only 2.5% YoY. The lockdown measures in China were lifted earlier than the other regions globally.
The company’s standalone revenues were at ₹2687 crore, down 80% YoY on the back of sharp decline in the domestic sales. At 23,845 units, Tata Motors’ domestic vehicle sales declined 82% YoY during the June quarter.
Vehicle manufacturers, including Tata Motors, had to shut down its plants and dealerships from the last week of March following a strict lockdown imposed by the government to contain the spread of coronavirus across India.
In an official note, issued in July, the company had said its manufacturing units resumed operations from end of May, thereby losing two months of production and sales.
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