Tata Motors records Q4 net loss of Rs 9,864 crore
Mumbai: Tata Motors on Monday reported a consolidated net loss of Rs 9,863.75 crore for the January-March period of financial year 2019-20.
During the same period of the previous fiscal, the company had reported a net profit of Rs 1,108.66 crore.
In a regulatory filing, the company said that the novel coronavirus pandemic severely impacted its financials.
“In India, demand which was already adversely impacted by the general economic slowdown, liquidity stress and stock corrections due to BS-VI transition, was further affected by the lockdown. Steep volume decline, particularly MHCV, and resulting negative operating leverage impacted profitability and cash flows,” it said.
On Jaguar Land Rover, the filing said that after its return to profit in the second and third quarters, which reflected improvements achieved through its transformation programme, fourth quarter results were significantly impacted by the pandemic.
Tata Motors’ revenue from operations fell by 27.7 per cent on a year-on-year basis to Rs 62,492.96 crore during the period under review.
On the outlook for the April-June quarter, it said that the first quarter of FY 2020-21 is expected to be significantly weaker in both JLR and Tata Motors with the full impact of lockdowns being reflected in the results.
“A gradual improvement in performance is anticipated in the coming quarters as we deliver our exciting product range while driving a robust cost and cash savings agenda. Actions are underway to significantly deleverage the Tata Motors Group with JLR to become sustainably cash positive from FY22 while becoming future ready,” it said.
IANS
