After record loss, Tata Motors to scout for partner in car business

Tata Motors has swung to one of the steepest quarterly losses since the December quarter of 2018-19. To ride out the turmoil caused by Covid-19 disruptions in its Indian as well as UK subsidiary Jaguar Land Rover Automotive, the firm said it would review its business to save Rs 15,000 crore for the consolidated entity in FY20-21.
The company, which is in the process of spinning off its domestic passenger vehicle business into a wholly-owned subsidiary, also said it was looking for a strategic partner and was in talks with automakers for the same. The company took a write-down of Rs 2,500 crore for the passenger vehicle business.
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The Tata Group flagship reported a pre-tax loss of Rs 9,313 crore, as compared to profit before tax of Rs 1,265 crore in the year-ago quarter. Weak volumes on account the pandemic in a seasonally strong quarter and the impairment charge for the domestic passenger vehicle business led to the loss. While JLR reported a pre-tax loss of £501 million for the quarter, the India business reported pre-tax loss of Rs 4,786 crore. The company reported a net loss of Rs 9,863.75 crore, as compared to a profit of Rs 1,108 crore in the year-ago quarter. It had posted a net loss of Rs 26,993 crore in Q3 of FY19 after it was hit by asset impairment in its UK subsidiary. Revenue at JLR and India business fell 24 per cent and 48 per cent, respectively.

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The company is embarking on an aggressive deleveraging exercise.
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“We are calling out a set of strategic actions that we will be undertaking to significantly deleverage Tata Motors group,” P B Balaji, chief financial officer, Tata Motors group, said. This will include JLR turning cash positive from FY22 on a sustainable basis and the India passenger vehicle business turning cash positive from FY23.
As part of its plan to conserve cash, the company is cutting capital expenditure (capex) at JLR by 40 per cent to £2.5 billion in FY21. It has also increased the JLR cost reduction plan by £1.5 billion to £5 billion by Q4 of FY21. The India business capex for FY21 is being cut by two thirds to Rs 1,500 crore. The company is also looking at a cash improvement plan of Rs 6,000 crore, which includes cost savings of Rs 1,500 crore for FY21. The net debt of the automotive business at the consolidated level stood at Rs 42,000 crore excluding the lease liabilities. The company’s consolidated operating profit was at Rs 2,875 crore in the quarter.
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On JLR, Balaji said China had seen an “encouraging recovery” both month-on-month and quarter-on-quarter. He said Europe and the US were also on the path of recovery even as rest of the world have yet to see any green shoots. A report said the firm expects to cut 1,100 temporary agency employees at JLR in the UK.

Tata Motors, Yes Bank and Vedanta to move out of BSE Sensex from Dec 23

Tata Motors, Tata Motors with differential voting right (DVR), Yes Bank and Vedanta will be dropped from the BSE's benchmark Sensex from December 23.
In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added in the index, Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, said in a statement on Friday.

Besides, UPL Ltd and Dabur India will find a place in the S&P BSE Sensex 50, replacing Indiabulls Housing Finance and Yes Bank.
Among other changes, Indiabulls Housing Finance, Yes Bank, InterGlobe Aviation, SBI Life Insurance Company and Info Edge (India) will make entry in the S&P BSE Sensex Next 50, while Cadila Healthcare, Dabur India, Glenmark Pharmaceuticals, UPL Ltd and Edelweiss Financial Services will be dropped from the index.
The changes will be effective from Monday, December 23, 2019, Asia Index said.
Apart from these, changes have been made in several indices including S&P BSE 500, S&P BSE 200 and S&P BSE 100.

Tata Motors cuts Tigor EV prices by Rs 80,000 post GST rate reduction to 5%

Tata Motors on Thursday said it has slashed its electric vehicles (EVs) prices by up to Rs 80,000 following government's decision to bring down the GST on electric vehicles to 5 per cent.
As of now, Tata Motors offers Tigor EV in the domestic market.
The price reduction will be applicable across all the variants of Tigor EV, the company said.

In light of the recent announcement made by the government to slash the GST rates of all electric-powered vehicles from 12 percent to 5 percent, the price of Tata Motors EVs, will be reduced by up to Rs 80,000 starting August," said Shailesh Chandra, president for electric mobility business and corporate strategy, Tata Motors.
Last week, the GST Council announced slashing of the GST rate on EVs to 5 per cent from 12 per cent to boost the sales of these vehicles in the country.
The price reduction will be valid across all the variants of Tigor EV - XE (base), XM (premium) and XT (high).
Following the cut, the Tigor EV which was earlier priced between Rs 12.3512.71 lakh (ESP Mumbai) will now be available to customers at a starting price of Rs 11.5811.92 lakh, the company said.
However, these prices do not include the FAME (Faster Adoption and Manufacture of (Hybrid and) Electric Vehicles) subsidy & TCS," said Chandra.
Tata Motors has earlier this week announced its plans to have electric variants of four models, including an all- electric versions of the Nexon compact SUV and the to be launched Altroz hatchback, among others.

JLR scouting Chinese partners to ease burden on bottomline: Chandrasekaran

Hit hard by the continuing volume slowdown and mounting losses at its British arm JLR, Tata Motors is looking for partnerships in China to lessen the financial burden on group's bottomline, chairman N Chandrasekaran said on Monday.

Addressing the shareholders at the AGM here, Chandra however, pointed out that the automobile sector is such that a company cannot shut the cash tap as the very of this business demands continuous investment in product and technology development.


Chandra also said, more than the final outcome of the Brexit, it's the continuing uncertainty that is hurting JLR in its home market of England and continental Europe, which is the largest source market for the millions of parts that JLR procures annually.

"The only way to handle the ongoing crisis and the continuing need for large capex is additional investment through partnerships, because we want to spread the investment, which cannot be shut either.

"There are many discussions from tactical to strategic for such partnerships. Opportunities are coming and we keep evaluating them and as long as it is in the interest of Tata Motors. We will forge such partnerships so that we are able to address the capex issue," Chandra told the shareholders.

It can be noted that the woes at JLR, which used to be the group cash-cow for years, the bottomline of Tata Motors has been sinking for the past three successive quarters.

While it made history by booking the largest ever loss by any domestic company for the December 2018 quarter with a mammoth Rs 26,961 crore net loss due to an impairment charges on JLR, last week it reported a net loss of Rs 3,679 crore for the June quarter as against Rs 1,862 crore loss in March 2019.

Stressing on the need to remain continuously invested, he said, like any other auto company, JLR also has to invest in future technologies of hybrid and electric. We also have to invest in the future models and also in areas like shared mobility. That's very important to stay alive in this ecosystem. All this means there is a need for capex if you want to be future ready, he said.

He said JLR has seen its volume plunge around 50 per cent in China, which was its biggest market till the general economic slowdown hit the world's largest auto market since the past two years.

But there are some silverlining in China as "for the first time in 12 months, we are seeing a positive volume growth in China in July after a recovery in June. But we need to wait for a couple of more months to see whether there's a trend."

He said during the past 12-18 months, JLR has cut down capex from around 4.5 billion pounds to 3.9 billion pounds. And we are working towards cutting down further, but we can't take a very drastic cut.

On the Brexit, which has felled two prime ministers- David Cameroon and Theresa May, he said "more than the impact of Brexit, it is the uncertainty of its potential impact, and this is much higher on JLR than any other company.

"The real concern is if Brexit were to happen with or without a deal, what will be the impact on our supply chain. We import millions of components from other parts of the world, particularly Europe. In the situation of Brexit, there's a possibility of a supply chain breakdown which essentially means production cannot happen, inventories are to be maintained.

JLR scouting Chinese partners to ease burden on bottomline: Chandrasekaran

Hit hard by the continuing volume slowdown and mounting losses at its British arm JLR, Tata Motors is looking for partnerships in China to lessen the financial burden on group's bottomline, chairman N Chandrasekaran said on Monday.
Addressing the shareholders at the AGM here, Chandra however, pointed out that the automobile sector is such that a company cannot shut the cash tap as the very of this business demands continuous investment in product and technology development.

Chandra also said, more than the final outcome of the Brexit, it's the continuing uncertainty that is hurting JLR in its home market of England and continental Europe, which is the largest source market for the millions of parts that JLR procures annually.
"The only way to handle the ongoing crisis and the continuing need for large capex is additional investment through partnerships, because we want to spread the investment, which cannot be shut either.
"There are many discussions from tactical to strategic for such partnerships. Opportunities are coming and we keep evaluating them and as long as it is in the interest of Tata Motors. We will forge such partnerships so that we are able to address the capex issue," Chandra told the shareholders.
It can be noted that the woes at JLR, which used to be the group cash-cow for years, the bottomline of Tata Motors has been sinking for the past three successive quarters.
While it made history by booking the largest ever loss by any domestic company for the December 2018 quarter with a mammoth Rs 26,961 crore net loss due to an impairment charges on JLR, last week it reported a net loss of Rs 3,679 crore for the June quarter as against Rs 1,862 crore loss in March 2019.
Stressing on the need to remain continuously invested, he said, like any other auto company, JLR also has to invest in future technologies of hybrid and electric. We also have to invest in the future models and also in areas like shared mobility. That's very important to stay alive in this ecosystem. All this means there is a need for capex if you want to be future ready, he said.
He said JLR has seen its volume plunge around 50 per cent in China, which was its biggest market till the general economic slowdown hit the world's largest auto market since the past two years.
But there are some silverlining in China as "for the first time in 12 months, we are seeing a positive volume growth in China in July after a recovery in June. But we need to wait for a couple of more months to see whether there's a trend."
He said during the past 12-18 months, JLR has cut down capex from around 4.5 billion pounds to 3.9 billion pounds. And we are working towards cutting down further, but we can't take a very drastic cut.
On the Brexit, which has felled two prime ministers- David Cameroon and Theresa May, he said "more than the impact of Brexit, it is the uncertainty of its potential impact, and this is much higher on JLR than any other company.
"The real concern is if Brexit were to happen with or without a deal, what will be the impact on our supply chain. We import millions of components from other parts of the world, particularly Europe. In the situation of Brexit, there's a possibility of a supply chain breakdown which essentially means production cannot happen, inventories are to be maintained.

Tata Motors Q1 loss at Rs 3,680 crore, revenue dips 8%, JLR disappoints

Tata Motors on Thursday reported a consolidated net loss of Rs 3,679.66 crore for June quarter of the financial year 2019-20 (FY20) as against a loss of Rs 1,862.57 crore registered in the year-ago period. Total revenue from operations came in at Rs 61,467 crore, down 7.84 per cent year-on-year (YoY).
The company stated that Q1 was impacted by demand slowdown, higher axle loads, liquidity stress, low freight availability for cargo operators.
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EBITDA (earnings before interest, tax, depreciation and amortisation) slipped 130 basis points (bps) YoY to 6.2 per cent, while EBIT margin plunged 170 bps to a negative 2.5 per cent.
JLR's performance disappoints
Retail sales (including CJLR) fell 11.6 per cent to 128,615 units, while wholesales (including CJLR) dropped 9.9 per cent to 118,550 in Q1FY20. The company's flagship arm Jaguar Land Rover (JLR) reported a pre-tax loss of £395 million, as compared to £264 million loss in the same period a year ago, on quarterly revenues that declined 2.8 per cent year-on-year to £5.1 billion.
"The results are consistent with the outlook for the quarter and primarily reflect lower revenue resulting from the weaker market conditions. Additional plant shutdown time and delays in WLTP certification resulting from Brexit contingency planning also contributed to the lower sales and profits," Tata Motors said.
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"Tata Motors Group financial performance reflects the historical seasonality and continued challenging market conditions globally. The results are consistent with our outlook provided for the quarter. The domestic auto industry has declined sharply and significantly. In this environment, Tata Motors is focusing on doing things right for the long-term success of this business," the company said in its results release.
Finance costs increased by Rs 336 crore to 1,712 crore during Q1FY20 versus the corresponding quarter of the pervious fiscal. This includes Rs 112 crore on account of lease liability accounting under IFRS 16.

Tata Motors to lead transition towards electric mobility: N Chandrasekaran

Tata Motors is committed to leading the transition towards electric mobility in the country and it looks to closely work with other group entities to create a viable environment for green vehicles, group chairman N Chandrasekaran said.
Chandrasekaran in the Tata Motors' Annual Report for 2018-19 said that electric vehicles are necessary for India.

"Your company is committed to take the lead in this transition and work with other companies in the Tata ecosystem to help create a viable environment to drive adoption of electric vehicles," he said in his message to shareholders.
He, however, cautioned that this transition has to be well planned with the government and industry working together to ensure that ecosystem is developed, incentives are provided to stimulate demand and sustainability goals are achieved by implementing emission norms across the value chain.
In order to promote electric mobility, Finance Minister Nirmala Sitharaman announced various measures in the Budget yesterday, including Rs 150,000 additional income tax deduction on loan taken to purchase EVs.
Elaborating on the overall challenges before the auto major going ahead, Chandrasekaran said the next few years are going to be decisive for Tata Motors.
"We have to focus on strong operational excellence to deliver positive cashflows while making the right investments to be prepared for the future," he added.
The company needs to transform itself to be relevant in the world of future mobility, Chandrasekaran said.
"This will require us to form partnerships, develop mobility solutions and optimise our investment in the process," he added.
In the commercial vehicle segment, where Tata Motors remains industry leader, Chandrasekaran said the company needs to grow and secure sustainable cashflow from the business and ensure smooth transition to BS VI emission norms.
The growth in the commercial vehicle market is likely to pick-up driven by increased infrastructure spending, growth of new-age industries like e-commerce and further progress in the hub and spoke model of distribution, he added.
"In the passenger vehicle segment, your company needs to enhance its sales and service offering which is a key to growth in volumes and execute its plan to achieve profitability at PBT level," he added.
Chandrasekaran added that Indian auto market is expected to emerge as the world's third largest passenger vehicle market by 2021, driven by the underlying economic growth, increasing
consumption demand and mass urbanisation.
"However, in the short to medium term, the sector faces some challenges due to the ongoing credit crunch, low consumer spending and the transition from BS IV to BS VI emission norms by April 1, 2020," he added.
Commenting on Jaguar Land Rover (JLR), Chandrasekaran said the company is taking steps to cut costs while taking a calibrated approach towards future investment in the product portfolio.
The company, which is facing slowdown in sales across regions, is actively looking at partnerships and prioritising its investments while ensuring that it is not compromising its future, he noted.
"These are critical interventions and JLR is committed to deliver cost and cash improvements," Chandrasekaran said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Tata JLR unveils major electric car investment plans for UK

Tata Motors owned Jaguar Land Rover (JLR) on Friday unveiled major investment plans for the production of its new electric car models in the UK.
Britain's largest automotive manufacturer said its new range of electrified vehicles will be built at its Castle Bromwich plant in the West Midlands region of England, safeguarding thousands of jobs.
"We are co-locating our electric vehicle manufacture, Electronic Drive Units and battery assembly to create a powerhouse of electrification in the Midlands," said Prof Ralf Speth, Chief Executive Officer of Jaguar Land Rover.
"The future of mobility is electric and, as a visionary British company, we are committed to making our next generation of zero-emission vehicles in the UK," he said.
JLR, which has not put a figure to the investment, said the latest plans mark the next significant step in delivering on the company's commitment to offer customers electrified options for all new Jaguar and Land Rover models from 2020.
However, the company stressed that while the expansion of an electrified vehicle line-up will offer greater choice, increased consumer take-up remains a challenge.
Speth added: "Convenience and affordability are the two key enablers to drive the uptake of electric vehicles to the levels that we all need. Charging should be as easy as re-fuelling a conventional vehicle."
"Affordability will only be achieved if we make batteries here in the UK, close to vehicle production, to avoid the cost and safety risk of importing from abroad.The UK has the raw materials, scientific research in our universities and an existing supplier base to put the UK at the leading edge of mobility and job creation."

The Tata Group company, which has recently been battling auto industry headwinds as some of its global markets like China weaken, called on the UK government and industry to work together to bring giga-scale battery production to Britain.
This would build on the UK Battery Industrialisation Centre and the government's Faraday Challenge, essential for next generation battery technology to create smaller, denser, cheaper batteries.
The company said these critical steps will also support and grow the existing supply chain, making the UK less dependent on essential materials sourced abroad today.
"Together, these initiatives enable battery production and demand for automotive companies, to attract future giga-scale factories to the UK," JLR noted.
The first new electric car to be produced at the plant will be Jaguar's flagship luxury saloon, the XJ.
JLR has not announced when it will launch the battery version of the XJ, but it will replace the petrol and diesel versions which have been made since 1968. The news was confirmed to workers at Castle Bromwich as production of the current XJ came to an end.
"Credited with pioneering a range of industry-first innovations during its 50 years of production, the new XJ will build on the characteristics synonymous with its predecessors beautiful design, intelligent performance and revered luxury," a JLR statement said.
The new all-electric model will be created by the same expert team of designers and product development specialists responsible for delivering the world's first premium electric SUV, and 2019 World Car of the Year, the Jaguar I-PACE.
In January the company had confirmed plans to bring battery and Electric Drive Unit (EDU) assembly to the Midlands with investment in new and existing facilities.
These investments have been anticipated in the company's previously communicated capital investment plans, JLR noted.
"The new Battery Assembly Centre at Hams Hall, operational in 2020, will be the most innovative and technologically advanced in the UK with an installed capacity of 150,000 units. Together with the Wolverhampton Engine Manufacturing Centre (EMC), home of Jaguar Land Rover's global EDU production, these facilities will power the next generation of Jaguar and Land Rover models," JLR said.
It said the plan is for an "extensive" transformation of Castle Bromwich to become the UK's first premium electrified vehicle plant.
Later this month, work will begin to commence the installation of all-new facilities and technologies required to support Jaguar Land Rover's next-generation Modular Longitudinal Architecture (MLA).
Designed and engineered in-house, MLA enables flexible production of clean efficient diesel and petrol vehicles alongside full electric and hybrid models.

Tata Motors dismisses report of sale of Jaguar Land Rover, says no truth

India's Tata Motors said on thursday there was no truth to a report saying a sale of Jaguar Land Rover to French automotive group PSA could be imminent.
The Press Association said leaked information suggested a sale could be imminent, citing a "post-sale integration document", which outlines the benefits of the two companies joining forces.
"As a matter of policy, we do not comment on media speculation. But we can confirm there is no truth to these rumours," a Tata Motors spokesperson said.

Mamata Banerjee: The woman standing between Modi and a Lok Sabha majority

Santu Adhikari scavenges with scarred hands through the rubble of a Tata Motors factory where he once hoped to work. But the plant was torn down before it was finished, and the 28-year-old now spends his days among its ruins in this field outside Kolkata, hunting for scrap iron to sell.
Adhikari blames his grim predicament on one of India’s most powerful regional politicians: West Bengal Chief Minister Mamata Banerjee, who triumphed in state polls after leading farmer protests here in the province’s fertile Singur district to drive away the company a decade ago. Narendra Modi swooped in and brought the factory across the country to his home state of Gujarat, part of an investment push that propelled his Bharatiya Janata Party to victory in India’s 2014 general election.

“She won elections and became chief minister because of Singur, and she will lose because of the condition it’s in today,” Adhikari said. “We support the BJP. When the BJP hold a meeting, all the young people go.”
Modi needs frustrated voters like Adhikari to make gains in India’s fourth-largest state, where his ruling BJP only won two of 42 seats five years ago. Polls show he faces a tough nationwide fight to win re-election on May 23, making it necessary to win in states where the party has previously struggled.
Standing in his way is Banerjee, 64, who still dominates this province of nearly 100 million people and is a possible prime minister candidate if a loose alliance of opposition parties can band together and defeat Modi. Her All India Trinamool Congress party won 80 percent of the state’s seats in 2014, making her party the strongest opposition force nationally after the Congress Party.
Banerjee has cultivated an image as a populist street fighter, and a survivor: She lived through an attack by stick-wielding thugs early in her career. To now defend her turf from the BJP, she’s turned her campaign into a full-blown assault on Modi’s record, pointing to policy failures like a 2016 cash ban that hit economic growth.
“You cancelled our notes, Mr. Modi,” she shouted out in a recent speech outside Kolkata to a large crowd kept back by bamboo dividers. “Now the people of Bengal will cancel your votes and oust you.”
If Banerjee comes back with a similar number of seats and the national election is close, she could be the most important person in forming an opposition coalition government in New Delhi.
Dislodging her seems almost impossible. Even just defending her seat-rich state might be enough to prevent the BJP from cobbling a majority as the ruling party needs to win new territory amid expected losses elsewhere.
Banerjee’s most passionate supporters say she’s a potential prime ministerial candidate. While that’s unlikely — partly because the BJP is expected to retain its grip on New Delhi — she’s already using her influence to rally national opposition to Modi. In January, Banerjee hosted powerful opposition leaders from across India at a high profile meeting.
“Mamata is leading the anti-Modi brigade,” said Mahua Moitra, a former investment banker turned Trinamool state legislator.
Banerjee, who didn’t respond to interview requests, has had a colorful, and sometimes contentious, career. In 1990, thugs wielding bamboo sticks fractured her skull at a rally. In 1993, police fired into a march she was leading, killing 13 people.
She vaulted to greater prominence in 2008, when she united opposition to the West Bengal government’s attempts to acquire land for the Tata factory.
“She’s very quick at picking up issues,” said Pradeep Gooptu, secretary of the Kolkata-based Bengal Initiative, a liberal think-tank. “She realized the discontent lay in the villages, not in the cities, so she moved over to a rural agenda to accelerate her rise to power.”
Still, for frustrated Hindus in a state where the BJP is untested, Modi’s economic promises and nationalist agenda are enticing.
After Banerjee chased Tata away, Modi, who then led the western province of Gujarat, burnished his credentials by luring the company’s factory there.
“If the BJP comes to power, there will be development,” said Krishna Panda, a 40-year-old farmer, who traveled hours by bus to see Modi speak in Kolkata.
In this election, the BJP is drawing criticism elsewhere for failing to create sufficient jobs. Even the Tata factory in Gujarat, which built the world’s cheapest car, looks set to end production of the unpopular Nano this year. But Panda hasn’t followed any of that.
Meanwhile, the BJP has attempted to argue that Trinamool courts the state’s roughly 25 million Muslims at the expense of Hindus. It’s seized on an important Hindu festival and Banerjee’s 2017 request that celebrants refrain from submerging idols on one day of a multi-day celebration because it conflicted with an Islamic holiday.
“That hit the Bengali psyche hard,” said Jay Prakash Majumdar, BJP vice-president for West Bengal. “Hindus are thinking, ‘If we continue with Trinamool, minorities will slowly take control.’”
But Banerjee has her loyalists, particularly among rural voters attracted to the handouts she given.
One program gives free bicycles to students, another guarantees a cash payout for young girls who stay in school and one subsidizes purchases of rice and wheat.
“We have been given proper roads in last two years, and three new school buildings in the last five years,” Amanur Mondal, 32, said while waiting with thousands of supporters to hear Banerjee speak in the village of Charghat. “We are here to support and vote for Mamata Banerjee.”

Tata Motors to hike car prices by up to Rs 25,000 from April

Tata Motors Saturday said it will increase prices of its passenger vehicles range by up to Rs 25,000 from April on account of rising input costs and external economic conditions.
The company joins the likes of Toyota and Jaguar Land Rover which have also stated that they would hike prices of select models from April.

"The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase," Tata Motors President, Passenger Vehicle Business Unit Mayank Pareek said in a statement.
Tata Motors currently sells a range of passenger vehicles starting from the Nano to premium SUV Hexa priced between Rs 2.36 lakh and Rs 18.37 lakh.

Market punishes Tata Motors after record loss in Q3; shares fall 30%

Tata Motors reported net loss of nearly Rs 27,000 crore for the quarter ended December on account of a slowdown in China’s car market. The company’s shares fell as much as 30 per cent, the most in 26 years, before ending 18 per cent lower at Rs 150.
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“We are concerned about the magnitude of equity erosion led by investment write-offs, which could hurt debt covenants and lead to downgrades,” said Nitesh Sharma, analyst with PhillipCapital India. “Jaguar Land Rover performance was yet another disappointment. As per our checks with dealers in China the company hasn’t offered them additional incentives yet and is expected to roll out the same in Q4FY19.”

Tata Motors consolidated Q3FY19 net loss at Rs 27,000 crore; JLR bleeds

Tata Motors reported a consolidated loss of Rs 26,960.80 crore for the third quarter ended December 2018 (Q3FY19) post market hours on Thursday, while the total income for the period under review came in at Rs 77,582.71 crore. The company said it took one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds.
Net loss from joint ventures and associates amounted Rs 138 crore, as compared to a profit of Rs 253 crore in the previous corresponding period. The decrease, according to the company, was mainly on account of lower profitability in the JLR’s China JV (CJLR) due to market challenges. Other income came in at Rs 266 crore versus Rs 182 crore in the same quarter prior year.
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"For Q3FY19, retail sales were 144,602 vehicles, down 6.4 per cent year-on-year primarily as a result of continued challenging market conditions in China, offset partially by encouraging growth in North America and the UK," the company said regarding the JLR segment in a BSE filing.
"The company’s sales in Europe were up slightly, despite an 8 per cent drop in the overall market. In the three-month period, sales increased for the new Jaguar E-PACE and Jaguar I-PACE as well as the refreshed Range Rover and Range Rover Sport, while the slowdown in China largely accounted for lower sales of other models," it added.
Back home, sales (including exports) declined 0.5 per cent to 171,354 units on the back of challenging market conditions in the domestic market. In the domestic market M&HCV trucks de-grew 15 per cent, ILCV trucks +8 per cent, SCV & Pick Ups +15 per cent and CV Passenger -16 per cent. PV was up 3 per cent with new products continuing to gain strong traction in the market.
The stock ended 2.63 per cent higher on the National Stock Exchange (NSE) at Rs 183 levels.

Tata Motors report 8% decline in domestic sales to 50,440 units in December

Tata Motors Tuesday reported an 8 per cent decline in domestic sales to 50,440 units in December as compared with 54,627 units in the same month last year.
The company's passenger vehicle sales in the domestic market rose 1 per cent to 14,260 units last month, compared with 14,180 units in December 2017, the company said in a statement.

"In December 2018, we have strived to maintain our growth trajectory during what was a rather sluggish period for the entire auto industry," Tata Motors President Passenger Vehicles Business Unit Mayank Pareek said.
ALSO READ: Tata Motors assures UK PM May of JLR commitment despite brexit row: Report
The company said its commercial vehicle sales in the domestic market stood at 36,180 units in December, down 11 per cent from 40,447 units in the same month last year.
Total exports during the month stood at 3,999 units, against 6,293 units in December last year, showing a dip of 36 per cent, the firm said.

Tata Motors reports loss of Rs 10.49 billion on weak JLR sales in Q2

Tata Motors Wednesday reported a consolidated net loss of Rs 10.09 billion for the second quarter ended September 30, 2018, mainly due to a weak performance by its British arm Jaguar Land Rover (JLR).
The company had reported a net profit of Rs 25.0167 billion in the July-September quarter of 2017-18.

Total revenue from operations, however, rose 3.3 per cent to Rs 721.1208 billion as compared to Rs 698.3868 billion in the year-ago period, Tata Motors said in a regulatory filing.
On a standalone basis, the company reported a net profit of Rs 1.0914 billion. It had reported a net loss of Rs 2.8337 billion in the second quarter of 2017-18.
Total revenue from operations grew to Rs 177.5869 billion during the quarter from Rs 133.1037 billion in the same period of 2017-18.
Standalone volume rose 25 per cent to 1,90,283 units driven by robust sales of commercial and passenger vehicles.
JLR revenue, however, declined 11 per cent to 5.6 billion pounds.
Commenting on the results, Tata Group Chairman N Chandrasekaran said the Tata Motors' domestic business continued to deliver strong improvement in operational and financial performance by implementing the Turnaround 2.0 strategy effectively.
"We have improved our market shares whilst delivering robust improvement in profitability in both the commercial vehicles and passenger vehicles and generated positive free cash flows," he added.
This strong performance in the face of an intensely competitive market situation augurs well for the future, Chandrasekaran said.
"In JLR, market conditions, particularly in China, have deteriorated further. To weather this volatile external scenario, we have launched a comprehensive turnaround plan to significantly improve our free cash flows and profitability," he added.
The leadership team at JLR is in mission mode to achieve the deliverables under this plan, Chandrasekaran said.
"With these concerted actions we remain committed to deliver an improved all-round performance from H2 FY 19," he added.
Tata Motors shares today settled 0.76 per cent up at Rs 178.65 on BSE.

Tata Motors reports net loss of Rs 18 bn in June quarter; JLR revenue down

Tata Motors Group on Tuesday reported a consolidated net loss of Rs 18.62 billion for the quarter ended June 30, 2018.
The company had reported a net profit of Rs 31.99 billion in the April-June quarter of 2017-18.
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.
On standalone basis, the company reported a net profit of Rs 11.87 billion. It had reported a net loss of Rs 4.63 billion in the first quarter of 2017-18.
Total revenue from operations grew to Rs 168.03 billion during the quarter from Rs 103.66 billion 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 on Tuesday settled 1.18 per cent down at Rs 264.15 per scrip on BSE.
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Tata Motors Q4 net profit down nearly 50% to Rs 21.76 billion

Homegrown auto major Tata Motors today reported 49.82 per cent decline in consolidated net profit to Rs 21.76 billion for the fourth quarter ended March 31, 2017-18.
It had posted net profit of Rs 43.36 billion in the corresponding period of 2016-17, Tata Motors said in a BSE filing.

It consolidated income from operations during the quarter under review stood at Rs 912.79 billion. It was at Rs 787.46 billion in the year-ago quarter.
The two figures are not comparable due to GST implementation from July 1 last year, after which the revenue from operations is reported net of GST.
On a standalone basis, the company said its net loss in the fourth quarter narrowed to Rs 4.99 billion. It was Rs 8.05 billion in the same quarter a year-ago.
Standalone revenue from operations for the quarter was at Rs 197.79 billion. It was at Rs 150.80 billion in the year-ago-period.
For the entire 2017-18, consolidated net profit was at Rs 90.91 billion, as against Rs 76.66 billion in the previous fiscal, up 18.58 per cent.
Consolidated income from operations for 2017-18 was at Rs 2954. 09 billion. It was at Rs 2744.92 billion in 2016-17.