NEW DELHI: Homegrown auto major Tata Motors on Thursday said its losses doubled to Rs 3,679.66 crore in the June quarter against a loss of Rs 1,862.57 crore last year owing to weakness in domestic as well as its British luxury arm Jaguar Land Rover (JLR) volumes.JLR reported a pre-tax loss of 395 million pounds, compared to a 264 million pound loss in the same period a year ago, on quarterly revenues that declined 2.8 per cent year-on-year to 5.1 billion pound resulting from the weaker market conditions, the company said.
Additional plant shutdown time and delays in WLTP (Worldwide Harmonised Light Vehicle Test Procedure) certification resulting from Brexit contingency planning also contributed to the lower sales and profits, it added. The group’s overall revenue came in at Rs 60,830.16 crore, a 7.8 per cent fall from Rs 65,956.78 crore in the same quarter last year. Consolidated Ebitda margins fell 130 basis points to 6.2 per cent.
On standalone front, wholesales de-grew by 22.7 per cent to 1,36,705 units and retail sales declined 12.6 per cent compared to year-ago with commercial vehicle sales falling 19.5 per cent and passenger vehicle down 30.1 per cent in Q1 year-on-year.“The continued slow down across the auto industry due to weak consumer sentiments, liquidity stress and the impact of axle load effect particularly in medium/heavy duty, impacted overall demand,” explained Guenter Butschek, chief executive and MD, Tata Motors.