Tata Motors on July 26 posted a consolidated net loss of Rs 4,450.92 crore for Q1FY22 against a net loss of Rs 8,437.99 crore in the corresponding quarter of the previous financial year.
The loss figure was way above the market expectation as a CNBC-TV18 poll of analysts had estimated a loss of Rs 1,379 crore for the quarter.
Consolidated revenue for the quarter more than doubled to Rs 66,406.45 crore from Rs 31,983.06 crore in the year-ago period. The CNBC-TV18 poll of analysts had pegged revenue at Rs 65,451 crore.
Consolidated EBITDA margin came in at 8.3 percent against CNBC-TV18 poll of 9.8 percent.
Net loss of the JLR segment stood at 110 million pounds which was above the CNBC-TV18 poll's estimate of a loss of 56 million pounds.
JLR EBITDA margin stood at 9 percent against the CNBC-TV18 poll of 10.3 percent.
India operations of Tata Motors showed significant improvement as compared to Q1 FY21, however the second COVID wave in India along with the supply issues slowed down the growth momentum as compared to Q4FY21, the company said.
Retail sales of JLR in the first quarter were 1,24,537 vehicles, up 68.1 percent YoY as sales continued to recover from the impact of the pandemic, the company said in its BSE filing.
"Demand remains strong for JLR and India PV while CV demand is showing gradual improvement. In this dynamic business environment, we anticipate that semiconductor issues, commodity inflation and pandemic uncertainty will have an impact in the short term," Tata Motors said.
The company expects the performance to improve progressively from the second half of the year as the supply chain and the pandemic situation improves.
"The business has demonstrated strong resilience in the face of adversity and its fundamentals are strong. We will remain agile to address these challenges and drive consistent, competitive and cash accretive growth over the medium to long term whilst deleveraging the business to near-zero automotive debt by FY24," it said.
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