Wednesday, Apr 17, 2024 | Last Update : 12:43 AM IST
Tata Motors reports Q1 net loss of Rs 1,862 crore
Natarajan Chandrasekaran said the company continues to gain market share while strongly improving profitability.
New Delhi: Tata Motors Group on Tuesday reported a consolidated net loss of Rs 1,862.57 crore for the quarter ended June 30, 2018.
The company had reported a net profit of Rs 3,199.93 crore in the April-June quarter of 2017-18. Total revenue from operations however rose to Rs 67,081.29 crore as compared with Rs 59,818.22 crore in the year-ago period, Tata Motors said in a regulatory filing.
On standalone basis, the company reported a net profit of Rs 1,187.65 crore. It had reported a net loss of Rs 463.14 crore in the first quarter of 2017-18.
Total revenue from operations grew to Rs 16,803.11 crore during the quarter from Rs 10,366.19 crore in the same period of 2017-18. Standalone volume rose 59 per cent to 1,76,868 units driven by robust sales of commercial and passenger vehicles. JLR revenue however declined 6.7 per cent to 5.2 billion pounds.
Commenting on the domestic business, Tata Group Chairman Natarajan Chandrasekaran said the company continues to gain market share while strongly improving profitability in both commercial vehicles and passenger vehicles.
"With regards to JLR, we faced multiple challenges including temporary issues like China duty impact as well as the market issues like diesel concerns in the UK and Europe," he added.
Despite these challenges, the company remains committed to delivering the planned margins it outlined earlier this year, Chandrasekaran said. Tata Motors shares today settled 1.18 per cent down at Rs 264.15 per scrip on BSE.
