Industry

Tata Motors loss widens to ₹314 cr. on CV decline

Tata Motors Ltd. reported a wider consolidated net loss of ₹314 crore for the second quarter ended September 30 compared with a net loss of ₹217 crore a year earlier.

The auto major had reported a net loss of ₹8,438 crore in the quarter ended June.

Consolidated revenue in the latest quarter declined 18% to ₹53,530 crore due to a decline in commercial vehicle and Jaguar Land Rover (JLR) sales volumes.

“Despite concerns around risk of a second wave of infection in many countries and other geopolitical risks, we expect a gradual recovery of demand and supply in the coming months,” the company said in a regulatory filing.

During the quarter, JLR returned to profit, which, however, remained below the year earlier, pre-COVID-19 levels.

Retail sales at the luxury unit declined 11.9% year-on-year. China sales rose 3.7% year-on-year.

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Printable version | Nov 30, 2020 4:48:51 AM | https://www.thehindu.com/business/Industry/tata-motors-loss-widens-to-314-cr-on-cv-decline/article32957684.ece

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