Jaguar losses put a dent in Tata results
TATA Motors, India’s largest vehicle maker, yesterday posted a consolidated loss for the first quarter as dismal trading at Jaguar Landrover (JLR) weighed on the group.
The company reported a 3.29bn rupees (£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.
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’s sales fell about 52 per cent in the quarter from a year ago due to adverse global market conditions., leading it to a £62m first quarter loss.
Vice Chairman Ravi Kant said: “When volumes are down so much, it is a challenge. We need a little bit of support from the market.”
The company, which controls about 60 per cent of the world’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.
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.