Jaguar Land Rover posts biggest quarterly loss of £3.4bn

Jaguar Land Rover posts biggest quarterly loss of £3.4bn

Jaguar Land Rover posts biggest quarterly loss of £3.4bn

JLR has taken steps to address the slide in China sales by changing its strategy to focus on profits for dealers instead of sales and incentivising retail sales over wholesale, he said.

JLR's retail sales in China, which account for about one in every seven of its cars sold worldwide, fell by 40% year on year during the quarter, overshadowing growth in the USA and British markets.

The write-down during the quarter ending in December was a 3.1 billion pound ($4 billion) one-time non-cash charge, the company said. The write-off has been attributed to slowing sales in China, technology disruptions linked to a shift towards eco-friendly hybrid and electric vehicles, and also the rising cost of debt. "Given the muted demand scenario and the associated impact on the financials, Jaguar Land Rover has concluded that the carrying value of capitalized investments should be adjusted down, resulting in a non-cash £3.1 billion pre-tax exceptional charge and an overall pre-tax loss of £3.4 billion for the quarter", said Tata Motors in a statement. Net revenue was also down 1 percent to 6.2 billion pounds ($8 billion) during the quarter.

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Tata Sons Chairman N Chandrasekaran said the company was taking "decisive steps" to increase JLR's competitiveness, reduce costs and improve cash flows.

On a standalone basis, the company posted PAT (profit after tax) of Rs 617.62 crore as against Rs 211.59 crore in the same quarter a year ago. "With these interventions, we are building Tata Motors to deliver strong results in the medium term".

Dr Speth added: "This is a hard time for the industry, but we remain focused on ensuring sustainable and profitable growth, and making targeted investments, that will secure our business in the future".

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JLR's global sales were down 6.4 percent to 144,602 units during the quarter. At the same time, investment in new models, electrification and other technologies remains high.

Tata Motors lost over 16% of its stock value after the Mumbai-based company reported a consolidated quarterly loss of ₹26,961 crore, the biggest in its history. While revenues at the United Kingdom subsidiary were down 1 per cent to 6,233 million pounds over the year-ago quarter, margins contracted by 360 bps to 7.3 per cent.

"Fiscal year 2019 so far has been a challenging period for the industry. It reduces growth in depreciation and amortisation by 300 million euros per annum", Tata Motors said in a release.

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Management-take: "Tata Motors domestic business continues to see strong momentum and has delivered market share gains as well as profitable growth".

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