NEW DELHI: Homegrown auto major Tata Motors on Friday posted a consolidated net loss of Rs 8,437.99 crore for the quarter ended June 30 after the Covid-19 pandemic impacted its net revenue by around 48 per cent. Tata, which also owns Jaguar Land Rover (JLR), had reported a loss of Rs 3,698.34 crore in the corresponding quarter last year.
Tata Motors’ total revenue from operations declined 48 per cent year-on-year to Rs 31,983.06 crore during the quarter under review and the firm’s standalone business—Tata Motors Limited (TML)—continue to perform poorer than JLR.
For TML, wholesales (including exports) decreased 81.5 per cent per cent in Q1FY21 to 25,294 units. Revenue for the quarter decreased 80 per cent to Rs 2,700 crore and pre-tax loss before exceptional items was Rs 2,141 crore (against pre-tax loss of Rs 40 crore in Q1FY20).
Guenter Butschek, CEO and MD, Tata Motors, said, “The COVID-19 pandemic has deeply impacted the auto industry in Q1FY21... Even as we continue to address the challenges, we see some disruption due to the intermittent shutdowns and supply chain bottlenecks. We have witnessed some green shoots emerging in PV owing to some pent up demand pre COVID, and are hopeful for a full recovery of the CV industry by end of the fiscal”.