homeearnings NewsQ3 results: Tata Motors reports third consecutive quarter loss of Rs 26,961 crore on JLR asset impairment
Q3 results: Tata Motors reports third consecutive quarter loss of Rs 26,961 crore on JLR asset impairment
Auto major, Tata Motors Ltd, on Thursday reported its third consecutive quarterly losses for the quarter ending December, with a consolidated net loss of Rs 26,961 crore.
Auto major, Tata Motors Ltd, on Thursday reported its third consecutive quarterly losses for the quarter ending December, with a consolidated net loss of Rs 26,961 crore, on Jaguar Land Rover (JLR) asset impairment.
In the corresponding quarter last year, the company posted a net profit of Rs 1,215 crore. CNBC-TV18 Polls had predicted a profit of Rs 541 crore for the quarter under review.
The auto major said profit was impacted by an exceptional item of asset impairment in its British arm JLR of Rs 27,838 crore.
The consolidated revenue of the company stood at Rs 77,001 crore, up by five percent from Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing.
On a standalone basis, Tata Motors posted PAT of Rs 617.62 crore as against Rs 211.59 crore in the year-ago quarter.
Total standalone income rose to Rs 16,477.07 crore as against Rs 16,186.15 crore in the same period of previous fiscal.
N Chandrasekaran, chairman, said, "Tata Motors domestic business continues the strong momentum and has delivered market share gains as well as profitable growth. The Turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth."
Shares of Tata Motors settled at Rs 182.90 apiece, up 2.64 percent on the BSE.
First Published: Feb 7, 2019 4:12 PM IST
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