Tata Motors Q1 Results: Revenue Tumbles, Loss Higher Than Expected...
By Shraddha K
JLR, however, has warned of worsening chip shortage in the three months to September than in the April-June period. It expects wholesale volumes to be about 50% lower than planned in the second quarter.
Retail sales of Jaguar Land Rover, which contributes 80% to Tata Motors’ revenue, however, rose 0.85% sequentially to 1.24 lakh units in the quarter ended June. That’s because demand for the luxury brand has improved in key markets such as China, Europe and the U.S.
The Mumbai-based automaker dispatched 41% fewer vehicles than the preceding quarter at 1.07 lakh units in the three months to June. That came as the pandemic’s second wave forced states to impose lockdowns, stalling production and shutting dealerships. India’s hinterland, too, wasn’t spared.
The automaker reported a loss of Rs 3,509 crore in the quarter ended June against the Rs 7,605-crore loss in the preceding three months, according to its exchange filing. A consensus of analysts tracked by Bloomberg had pegged the loss at Rs 2,098 crore.
Tata Motors Ltd. suffered a loss for the second straight quarter as demand fell because of local lockdowns that were imposed to curb the severe second wave of Covid-19 infections.