Tata Motors consolidated business (including commercial vehicles and Jaguar Land Rover ) has recorded a slump of 49 per cent in profits in...
Tata Motors consolidated business (including commercial vehicles and Jaguar Land Rover) has recorded a slump of 49 per cent in profits in the last quarter of FY2019. Its net revenue in the same period stood at Rs. 86,422 Crore against Rs. 88,966 crore in the same period last year which is again a decline of 2.85 per cent. In the same period, the company's EBIDTA margin stood at 9.7 per cent which is a good 2.8 per cent less than the same period last year.
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Tata Motors standalone business has been in the doldrums pertaining to the challenging market conditions while the JLR which sales were under pressure in some of its key markets due to political and trade uncertainty, is showing signs of improvement. Jaguar Land Rover's sales in the European and US markets have been surging while the China Joint Venture- CJLR has recorded a growth of 5.8 per cent to 578,915 retail units in the same period. JLR's pre-tax profit after exceptional items stood at 120 million Euros.
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Speaking at the sales performance, N.Chandrasekaran, Chairman, Tata Group said, "Our domestic business delivered a resilient performance in the face of challenging market conditions. We have continued to step up our pace of innovation, improved our market shares as well as our profitability. The 'Turnaround 2.0' strategy is delivering well, and I am confident that the business is getting the building blocks in place for long term success. In JLR, we continue to face challenges in China which we are addressing on priority. To weather the volatile external scenario, we are taking decisive steps to step up competitiveness, reduce breakeven and improve cash flows whilst continuing to invest in exciting products and leading-edge technologies. With these structural interventions, I see Tata Motors Group building the right business model to deliver Competitive, Consistent and Cash Accretive Growth over the medium to long term."
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Tata Motors has recorded a loss of Rs. 28,724 crore in the Fiscal Year 2019 against a profit of Rs. 9091 crore. Company's net revenue in the same year stood at Rs 301,938 crore which is an increase of 1.90 per cent compared to the total revenue of 296, 298 which it generated from operations in last year. In the same fiscal year, JLR has recorded a loss of 358 million Euros.
from NDTV CarAndBike - Latest News http://bit.ly/2VSIbsD
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