Jaguar losses put a dent in Tata results

TATA Motors, India&rsquo;s largest vehicle maker, yesterday posted a consolidated loss for the first quarter as dismal trading at Jaguar Landrover (JLR) weighed on the group.<br /><br />The company reported a 3.29bn rupees (&pound;41.3m) consolidated loss for the first quarter period between April and June, compared with a net income of 7.2bn rupees a year ago.<br /><br />But Tata said the figures were not comparable as the previous period contained JLR numbers only for much of June The group said JLR unit&rsquo;s sales fell about 52 per cent in the quarter from a year ago due to adverse global market conditions., leading it to a &pound;62m first quarter loss.<br /><br />Vice Chairman Ravi Kant said: &ldquo;When volumes are down so much, it is a challenge. We need a little bit of support from the market.&rdquo;<br /><br />The company, which controls about 60 per cent of the world&rsquo;s fifth-biggest truck and bus market said it increased borrowing to support investments and new product development caused an increase in depreciation and interest costs.<br /><br />Last week, Chairman Ratan Tata said there were signs of a recovery in the global auto market, but warned the company would have to work harder to make a turnaround.