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Tata Motors said on Monday its consolidated net loss narrowed on sequential and year-on-year basis to Rs 4,451 crore in the quarter ended March as compared to a loss of Rs 8,438 crore year-on-year (Q1 FY21) and Rs 7,605 crore loss in the previous quarter (Q4 FY21).
At the same time, revenue from operations in the June quarter more than doubled to Rs 66,406 crore as against Rs 31,983 crore in the year-ago period. The company's earnings before interest, depreciation and amortisation (EBITDA) came in at Rs 5,500 crore. The topline performance was largely aided by the benefit of a low base in the year-ago quarter, which was marred by lockdowns in several global markets and national lockdown in India to contain the spread of Covid-19 pandemic. Tata Motors said its India operations showed significant improvement as compared to first quarter a year ago but the second Covid wave in India along with the supply issues slowed down the growth momentum. The EV business, however, continued to grow rapidly and delivered 5x revenue growth and highest quarterly sales at 1,715 units. "Looking beyond the short-term challenges, we see significant opportunities to leverage the mega trends shaping the Indian automotive industry. We are working to transform the customer experience digitally and also strengthen our lead in sustainable mobility," said Executive Director Girish Wagh. "We will continue to make the requisite investments to ensure a competitive product portfolio while driving down the cash breakevens of the business to deliver consistent, competitive and cash accretive growth over the medium to long term," he said in a statement. On the other hand, Jaguar Land Lover (JLR) retail sales in the first quarter were 124,537 vehicles, up 68.1 per cent year-on-year. The company said shortage of semiconductor supplies constrained production. "Though the current environment continues to remain challenging, we will continue to adapt and manage elements that are within our control and ensure that Jaguar Land Rover is well-placed to respond to any further market developments," said CEO Thierry Bollore. "We remain encouraged by the sheer strength of the demand for our vehicles, and note the success of our electrified powertrain offering as we work to drive that demand further by reimagining our iconic British brands for a future of modern luxury by design." (ANI)
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