NEW DELHI: Hit by restructuring costs and asset write-downs at its British subsidiary Jaguar Land Rover (JLR), auto major Tata Motors Passenger Vehicles (TMPV) reported a consolidated net loss of `5,451 crore for the September quarter (Q2FY27), compared with a loss of `6,368 crore in the corresponding quarter last fiscal. The company incurred exceptional charges of about `6,700 crore during the quarter.
“Exceptional items of £530 million in the quarter reflect restructuring activities, including separation costs, the write-down of intangible assets under development and the write-down of assets,” TMPV said in its earnings statement. Of the exceptional charges, £295 million was related to its voluntary redundancy programme, which targets around 4,000 employees.
The automaker’s consolidated revenue from operations rose 34% year-on-year to Rs 96,920 crore in Q2FY27, as JLR sales recovered from last year’s cyberattack and demand for TMPV’s mass-market cars in India remained firm. JLR said its wholesale volumes grew quarter-on-quarter in the UK and overseas markets, offsetting declines in China and the Middle East. Volumes also improved significantly year-on-year.
The country’s second-largest carmaker recorded its highest-ever quarterly revenue of `20,400 crore in Q2FY27, up 51% year-on-year, while sales crossed the 2-lakh mark, rising 40%.
PV sales hit record
Domestic passenger vehicle dispatches hit a record 5,19,060 units in October, up 12.4% from a year earlier, according to Society of Indian Automobile Manufacturers (SIAM) data