NEW DELHI: Automaker Tata Motors Ltd posted its greatest quarterly loss on Thursday, harm through an impairment price for its British luxurious automobile trade Jaguar Land Rover.
Troubles on the Jaguar Land Rover (JLR) unit, which has been hit arduous through US-China trade tensions, low call for for diesel automobiles in Europe and Brexit worries, had tipped Tata Motors into its first loss in three years in the quarter ended June 2018.
While Tata Motors has announced plans to show round JLR, the slide in the unit's gross sales has continue for now.
The corporate took a non-cash price of Rs 27,838 crore ($3.90 billion) to cover the impairment at JLR in the three months to December 31. Changes in marketplace prerequisites, particularly in China, technology disruptions and rising price of debt resulted in the price.
"...Overall performance continued to be impacted by challenging market conditions in China. We continue to work closely with Chinese retailers to respond to current market conditions with a 'Pull' based approach to vehicle sales," JLR CEO Ralf Speth stated in a remark on Thursday.
JLR stated last month it would cut 10 % of its personnel, most commonly in its house marketplace, as Britain's greatest carmaker replied to lower Chinese call for and a droop in European diesel gross sales.
Tata Motors' loss came at Rs 26,993 crore ($3.78 billion) for the 3 months ended December 31, compared with a benefit of Rs 1,199 crore in the year-ago period.
Revenue rose 5.8 consistent with cent to Rs 76,265 crore.
Tata Motors has been dealing with a decline in gross sales in the nation as smartly.
Troubles on the Jaguar Land Rover (JLR) unit, which has been hit arduous through US-China trade tensions, low call for for diesel automobiles in Europe and Brexit worries, had tipped Tata Motors into its first loss in three years in the quarter ended June 2018.
While Tata Motors has announced plans to show round JLR, the slide in the unit's gross sales has continue for now.
The corporate took a non-cash price of Rs 27,838 crore ($3.90 billion) to cover the impairment at JLR in the three months to December 31. Changes in marketplace prerequisites, particularly in China, technology disruptions and rising price of debt resulted in the price.
"...Overall performance continued to be impacted by challenging market conditions in China. We continue to work closely with Chinese retailers to respond to current market conditions with a 'Pull' based approach to vehicle sales," JLR CEO Ralf Speth stated in a remark on Thursday.
JLR stated last month it would cut 10 % of its personnel, most commonly in its house marketplace, as Britain's greatest carmaker replied to lower Chinese call for and a droop in European diesel gross sales.
Tata Motors' loss came at Rs 26,993 crore ($3.78 billion) for the 3 months ended December 31, compared with a benefit of Rs 1,199 crore in the year-ago period.
Revenue rose 5.8 consistent with cent to Rs 76,265 crore.
Tata Motors has been dealing with a decline in gross sales in the nation as smartly.
Jaguar Land Rover woes drive Tata Motors to biggest quarterly loss
![Jaguar Land Rover woes drive Tata Motors to biggest quarterly loss]()
Reviewed by Kailash
on
February 07, 2019
Rating:
