Tata Motors skids to first quarterly loss in three years

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Total revenue from operations, however, rose to Rs 670.81 billion as compared with Rs 598.18 billion in the year-ago period, Tata Motors said in a regulatory filing. This comes as its subsidiary, Jaguar Land Rover (JLR), posted lower revenues due to fewer vehicles sold in the period.

Jaguar Land Rover has clocked up its first quarterly loss in three years as sales of some of its off-roaders went into reverse and a change to import duties put the brakes on growth in China.

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Commenting on the domestic business and it's growth, Chandrasekaran said, "I am delighted with the progress made by the domestic business on their "Turnaround 2.0" strategy". Profit after tax stood at ₹1,188 crore.

Tata Motors' Chief Financial Officer PB Balaji said headwinds facing JLR included its China sales levels as well as worries over Britain's departure from the European Union and the diesel policy in Europe. Towards this, we will step up all round execution. The Chinese government has announced a reduction in import taxes from July 1, which had made the consumer of the world's largest automobile market defer purchase during the quarter ended in June. Its sports utility vehicles F-Pacre and Discovery Sport saw a decline in sales, aiding the quarterly loss. The automobile major missed the analyst prediction of 10 per cent earnings as it registered earnings before interest, tax, depreciation and amortisation margin of 6.2% during the first quarter of the current fiscal year. We will leverage our product portfolio to grow faster and drive down costs to improve operating leverage of the business. "We had a pre-tax loss in the first quarter, reflecting the impact of the announcement of the duty reduction in China as well as planned dealer stock reduction in the quarter", said Ralf Speth, CEO of JLR. Total sales fell 6.7% year-on-year to £5.2bn. Despite the weak Q1, the management has reiterated their target of 4-7 per cent EBIT margin for the full year on the back of ramp-up of new models (Electric I-Pace) and new lower duties effective in China.

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"Given these issues, we will remain focussed on driving growth an simultaneously reducing costs and boosting operational efficiency and capability, taking the necessary steps to shape our future", he said. "We will also calibrate our capital spends to minimise cash outflow", he said.

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